Interesting discussion. With some reservations, I go along with those that suggest not to worry too much about micro concentrations as even at higher dilutions you are probably still providing more than enough. I think the cationic transition metal micros (TMs) can potentially become toxic if allowed to build up in the medium. This toxicity may not be enough to kill the plant in normal practice but could harm the roots or at least be a source of continuous low level oxidative stress, which the roots would be happier without, especially in the context of sulphur-limited fertilization. If you let the medium partially dry out between waterings, then you could get an accumulative precipitate of TM-phosphates on the substrate which could then act like a timebomb if the medium pH subsequently drops. I guess that in the wild most orchids are probably more tolerant of pH fluctuations than they are in culture simply because of the high nutrient levels we traditionally throw on our plants.
The situation could be a bit more complicated when a particular micro is provided in excess. The TM micros do compete with each other for uptake and excess of one can cause deficiencies in another. One of the most surprising is nickel, which is thus far only known to be needed for the urea cycle (urease) and is needed in vanishingly small quantities. Producing a nickel deficiency experimentally is extremely difficult, everything that goes near the plant has to be ultra, ultra pure because the smallest trace of Ni will invalidate the experiment. The real surprise is that Ni deficiencies, although rare, do occur in agriculture, and are nearly always caused by an excess of one of the other micros, or Ca, high phosphate and pH.
Bjorn pointed out Roths comments on micros, which I agree is worth reading. The difference in element analysis of leaves of wild versus cultivated plants highlighted the lower Fe to Mn ratio in wild plants. What caught my eye in this was the lower concentration of both Zn and Cu in cultivated plants and I have a (probably crazy) idea as to why this might happen. In short the culprit might just be EDTA. Most media use EDTA to complex iron as Ferric / Fe3+ because it is the more stable chelate. The chelate stabilities for the TM micros with EDTA are as follows, Fe+++ ~ 25, Fe++ ~ 14, Mn++ ~ 14, Zn++ ~ 16.5, Cu++ ~ 18.8 (couldn't find a figure for Ni). Remember that these stability constants are on a log scale. The plant is simply not going to get the Fe+++ from the EDTA unless it is reduced to Fe++, and this is what happens in the root by the activity of iron chelate reductase. The free Zn++ and Cu++ will now displace the Fe++ from the EDTA even if they are 10 to 100 fold more dilute. Some Australian scientists have demonstrated that EDTA does enter the plant root and a proportion of this moves up to the shoots. EDTA is not broken down, it is enviromentally and physiologically persistant. One bacterium species has been found to degrade it slowly under specific conditions but this is irrevelant here, the prediction is that EDTA will accumulate, mostly in the plant roots, and this will lower the available concentration of Cu and Zn.
Just to muddy the waters even more there are the hyperaccumulator and hypertolerant plants that grow in soils that have toxic levels of say Cu, Zn, Ni etc. These are interesting because they are exceptions to the norm and have been extensively studied for the purposes of phytoremediation of metal polluted enviroments. A spin-off of this research is an increased knowledge of what "normal" is and just how variable micro concentrations and tolerances are across plant species and even between closely related species. For an extreme example, there is a hyperaccumulator in New Caledonia, Pycnandra (formally Sebertia) acuminata that produces a green latex that is up to 25% Ni dry weight. There are not many pests that will chew on that. BTW, talking of eating hyperaccumulators, there is a Mexican delicacy called "caca de luna". Not a plant, but a slime mould, Fuligo septica, (aka "dog's vomit slime mould"), can contain up to 20g/Kg dry weight Zinc and up to 15g/Kg Barium. Not high on my list of things to try.