I have done some research. I'm chemistry challenged, so I admit a lot of it is beyond me, but I won't use peat because of the destruction of natural habitats that peat collecting causes.
But from my limited understanding, using botanicals to try to make my water softer won't work anyway. I was trying to find out because I bought otocinclus before I knew their soft water requirements, and even though they seemed to thrive in my hard water (253ppm/15 dGH), even appearing to be carrying eggs and spawn:
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I found out they need water much softer than mine. I moved the guppies and shrimp they were with out, and began mixing my tapwater with rainwater, or RO when rainwater isn't available. A 50/50 mix to make it soft enough. Which seems to be working fine. But I believe if I were to use straight tap water with my GH of 253ppm and a KH of 10, that even with peat or other botanicals, the KH of my water would buffer the pH lowering effects of the botanicals, and wouldn't lower my GH at all, which is what I really need to lower. So RO water is really needed to actually make the water softer.
But again, chemistry idiot here, I may have this completely wrong.