There are "Ratcheting" type latching relays available where this will work (I had a quick look for a "Ratcheting" type latching relay in the Farnell cattledog but didn't come up with anything), however the relay you suggested seems to be a "set/reset" type latching relay.
Which means you will need an "On" and a "Off" switch at each end, totaling 4 switches, or use the extra contacts on the relay to select which coil needs to be used I.e. (But be fast on the switch or the relay will oscillate)
http://www.miec.net/personal/aulro/S...0072115110.jpg
Also if you want a larger load just use the baby relay to drive the coil on a larger relay.