Until you separate the air-layer, the media plays no role except to keep the emerging roots moist (not wet) and allow access to oxygen. It is probably best to use a sterile media like perlite or pumice, or else sterile media with peat or sphagnum, which has anti-fungal properties. I have used sphagnum in the past, and it definitely works, but it is a terror to try to remove it from the young roots when you go to separate the air-layer. It can be done... but it is definitely a job for tweezers.
Note that you definitely want to avoid potting soil, or any overly organic mix.