Definitely it will work! The repeat is just so you know where to cut so you can stack the six identical strips - once you get that done, you cut them into smaller strips - depending how big you want your hexagons.
So you'll have six swaths of fabric, you'll line them up so they're exactly alike, and you'll THEN cut that into 4" or 5" or whatever, strips. With a 29" repeat, you'll have lots of rooms for lots of strips!
To determine how much fabric you need with that 29" repeat - 29" x 36 inches (1 yd) = 174 inches or 4.83 yards that you need to get the six repeats. Oh my - or is that 203" to get the full 29" and to the beginning of the 7th, I think so. That's 5.6 yards and a smidge.
When I find a fabric I think I'd like to use for OWB, I actually do the measuring using the repeat - find where the repeat is and get at least six. Does that make sense?
PS: I get the red squares from a program I use called "FastStone" - it does screen captures and then you can use drawing tools with it.