welcome to WAB
your misgivings about this being orange-peel fungus
Aleuria aurantiaca are well founded
OPF is an ascomycete fungus and you have a basidiomycete there, a fundamental difference; of course the differences are microscopic, but they do reflect on the form of the fungus at the macroscopic level
what you have there is a 'jelly fungus' - almost certainly the yellow brain fungus
Tremella mesenterica http://www.wildaboutbritain.co.uk/yellow-brain-fungus ;
Tremella species grow on other fungus species, although that is not always obvious; there is a possibility that your fungus is
Tremella aurantia a close relative, which grows on the common
Stereum hirsutum http://www.wildaboutbritain.co.uk/tremella-aurantia , but I don't think this is it
the orange peel fungus is rather fragile and easily broken, whereas what you have there will be jelly-like and stretchable
you mention it being wet - after a period of dry weather it would virtually disappear (a feature of these 'jelly fungi'); you are correct in saying that OPF is a terrestrial species, and you will also find that it won't be appearing this early in the year - look for it in late summer and autumn
hope this helps
best wishes
Chris