Yes, it's possible. The trick is attaching the orchid securely enough so that the new roots do not break off if the orchid jiggles in a breeze or when watered. Top heavy orchids are sometimes challenging because gravity can topple them over if they are not securely fastened to the tree. Sometimes I mount them upside down and they don't seem to mind.
Here in Southern California, generally the best time to mount orchids to a tree is in springtime when new roots are just beginning to emerge. Sometimes I mount them in winter but it just increases the chances that the fishing line will loosen before new roots emerge. In South Florida, you have more leeway when to mount the orchid to the palm...but probably not right before or during hurricane season.
Here are some photos of
orchids on trees and the flickr group for
landscaping with orchids. For some additional mounting tips take a look at this
orchids in the garden page.