Osmunda is, to my knowledge, was the medium of choice for commercial market cattleyas before orchids hit the hobby market. Because of its stiff fibrous texture, it didn't break down too quickly and allowed lots of air-space to develop quickly after watering. Pairing it with clay pots was as close to perfection as could be hoped for in massive commercial greenhouses. I'm surprised osmunda is popping up again. I've always found it a gigantic pain to pot with. This is neither here or there - just a little bit of background for you.
The important thing is that cattleyas, for which osmunda excelled, are epiphytes. The roots of epiphytic orchids, such as cattleyas, require a certain amount of drying out between waterings or they will rot.
Phragmipediums, on the other hand, are terrestrials. Lacking pseudobulbs that help carry epiphytes through the wet-dry cycle, phragmipediums, in particular, require constant moisture to the roots. So it's not like osmunda would be passable for phrags instead of excellent, it's totally the wrong way to go. There are bark mixes out there that are specifically designed for terrestrials. If I were growing phrags, I'd use sphagnum moss. It's not a quick study, but neither is osmunda. And speaking of New Zealand, it's the best sphagnum on the planet.