That would not kill the orchid, Donna. But I wouldn't try it until the blooms are finished. Also wouldn't bother with the Physan, just use lukewarm water.
I recently re-habbed my daughter's Onc. in Salt Lake City that was much more dehydrated than your plant. I soaked it for an hour or two, three times while I was there. The pseudobulbs (fat parts at the base of the leaves) were all shriveled when I started but had plumped out a little bit by the time I left. Orchids are very slow to respond so you must be patient.
Most important thing to remember is that they do feed and take in water through their leaves as well as the roots. So keep those leaves misted for a week or two, keep it in soft light (no direct sun) and wait patiently. I've never seen an orchid roll its leaves like that, but my daughter's plant had folded its leaves in half down the middle, which is a pretty common thing for plants to do in order to conserve water. Might be what yours is doing, but Darn It, don't you wish plants could talk?
