I just completed my first air layer last night but something's been bothering me. 

Is there such a thing as too much water in the peat moss?  I soakEd it for a few hours and gave it a light squeeze before I packed it around the area I removed the bark from. 

Should I have wrung it out or will it be fine? 

My first air layer was too wet and it killed both plsnts. 

my first air layer was too wet. it took, however, there were signs of mold/rot. the air layer didn't survive, but that wan't due to mold/rot. i just didn't water for 3 months while it was in garage and it dried up.

So do I open it up and wring it out hard?  Cut open the top and let some of the water evaporate and seal it later or let it ride?

I use the water-bottle method, and water them just as often as potted plants, and have no issues. They are not tightly sealed, so adding water regularly is required..

Researching that now...Thanks!

I would just open it up a bit, that is if it is really soaking wet, otherwise it should be ok.

I've had no problem doing them with a sopping-wet mix of compost and potting soil, but I'm in a dry climate. Here, they seem to root into anything as long as there's plenty of moisture in it.

Wish we had that dry heat here. It is usually very humid in our neck of the woods.

it's been raining on and off for almost a month now. it's really getting hard to determine when i need to give water. i give water, and next two days it's so humid, the soils dripping wet.

I would just open it up and squeeze out the water.

Agree with Chapman. You only started it last night so nothing lost. Just open it, squeeze out the excess water and rewrap it. It will do fine.