I'm not sure what you mean by "too much" wicking action. Water will be drawn into the peat until it's saturated, whether you use a wicking mat or just stick the peat pots in a tray of water. As long as you don't let the peat pots set in a tray of standing water for any length of time, you'll be fine (i.e. empty the extra water in the tray after the peat pots are saturated).

I was being a bit facetious saying "too much" ;). I guess what I was thinking was that the peat pots might start to...."breakdown" as the water would wick up through and around the actual peat?

No, they won't break down, but if they are soaking wet they will tear more easily and might break from the weight of the media within them if you're not careful when picking them up.