It seems to me that you have not separated the physical with the spiritual in this instance. Of course its the Spirit who baptizes us into Christ. The physical baptism by water is only a physical expression of that just as taking the communion is a physical expression of a remembrance of Christs body and blood. The bread and the wine are not Christs physical body nor is the water the physical Holy Spirit or blood. Its done physically as an expression of a Spiritual action. Both were mandated by Christ as a physical symbolism of what is spiritually taking place.
>>That in this dispensation, where there is ONE BAPTISM, it is water baptism that places you "in the faith", makes you a saint, and sanctifies you in Christ?<<
ONE BABTISM symbolized or expressed physically by water baptism.
"For in Him dwelleth all the fulness of the Godhead bodily. And ye are complete in Him, which is the head of all principality and power: In whom also ye are circumcised with the circumcision MADE WITHOUT HANDS (Spiritual), in putting off the body of the sins of the flesh by the circumcision OF CHRIST: Buried with him in baptism, wherein also ye are risen with him THROUGH the FAITH of the OPERATION OF GOD, who hath raised him from the dead. And you, being dead in your sins and the uncircumcision of your flesh, hath he quickened together with him, having forgiven you all trespasses; BLOTTING OUT THE HANDWRITING OF ORDINANCES THAT WAS AGAINST US, WHICH WAS CONTRARY TO US< and TOOK IT OUT OF THE WAY NAILING IT TO HIS CROSS." (Col. 2:9-14).
So, what does this say?
1.WE are complete in Christ .
2. We are circumcised (set apart) by Christ .
3. We are buried with Him in (spiritual) baptism .
He has forgiven us all (not some) trespasses. .
5. ALL ORDINANCES HAVE BEEN BLOTTED OUT-DONE AWAY WITH. .
ALL ORDINANCES: "Which stood only in meats and drinks, and DIVERS WASHINGS (baptism) and carnal ordinances, imposed on them until the time of reformation." Heb. 9:10.
The "all ordinances that were blotted out" gave way to the NOW there is ONE BAPTISM BY THE HOLY SPIRIT INTO THE BODY OF CHRIST that Paul preached.