Likely still viable, but as time goes on the likelihood of success does probably go down. I agree that excess moisture can be problematic for rooting. Its like they root little nubbins that immediately rot off due to excess moisture.
I had horrid luck with 100% perlite, myself. My end game ended up being coco-coir in a tupperware container that was damp to the touch, but no water can be rung out, and make it nice and fluffy. I laid them flat and buried them. 27/28 UCDavis cuttings rooted for me, and about half a dozen others from generous members all rooted for me...and yes, some of them did throw out leaves first. Now....I found other ways to kill them after rooting them, but this worked great for getting them started.