That load will do just fine, if it is placed properly. Just like in any other defensive use, placement is everything. A heavy, hard-cast bullet is preferred by many, but just because some folks think there is a slightly better choice, that doesn't mean everything else is useless (it isn't).
The S&W Model 29 is a classic and versatile revolver; defensive uses aside, if you get some high-quality lightly-loaded target ammo, you'll probably be surprised at how accurate one can be (given a good operator, of course).
EDIT 5-27: I see the model we were discussing has changed. While the model 69 is probably just as mechanically accurate as the 29, it will recoil considerably harder, and for most folks, that will make it much more of a challenge to shoot well. Your idea of using .44 Special ammo initially is a good one, and I might even suggest an intermediate step of practicing with a mid-range/power .44 Mag load before stepping up to the full-house .44 magnum ammo in such a small/light revolver.
I looked at several S&W model 69 revolvers when they first appeared in my area, and was very disappointed by the roughness and weight of the DA trigger pull. I think it approached "unusable" in the first two revolvers I handled, and only improved slightly to "horrible" on the third and fourth examples I checked. At that point, I lost interest in getting one, at least until S&W can make it borderline shootable as it comes from the box.