@mcgeeoj I have made 5-1-1 and similar mixes many times with bark products that include the fines and they work fine. Any increase in the perched water table is going to be minimal, and I think it only becomes an issue with a shallow container combined with a deep-rooted plant.
When you say "Daddy Pete's Soil Enhancement" I assume that is a commercial product. Ask them if they nitrolize the soil or add fertilizer. Many times these products do. I use a wholesale bark soil amendment in California that has too much fertilizer added and any soil mix made with that only requires nitrogen for further growth, for at least the first year.