RAH do you have the correct range of PH in your well water? I have peat in my swamp and contrary to what most people think the water flows on top of the peat not through it. When digging my ponds the excavator would pull out large chunks of peat from under the water that were not saturated. Peat is compressed vegetation that decays very slowly because of the anaerobic conditions. The fact that there is little decomposition means the nutrient level is lower. Pitcher plants evolved to get nutrients from insects for this reason. I think it can be done if the water chemistry and PH are in the correct range. You can buy peat moss at most garden centers, I would try that before wood chips. I say if you have the correct water source, go for it!