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Is a latching relay what it sounds like it is - every time the coil is energized the contacts alternate position? That sounds to simple to be true. Relay like this? http://www.digikey.com/product-detail/en/D3046/PB1117-ND/1634003
Wouldnt the circuit have a default power up position? I cant imgaine that it would be left floating until the button is pressed?
I certainly no very little about electronics but I would think the power up state would be determined by the charging rate of the two 0.47uF capacitors. I suppose one could increase the value of one of the caps to ensure the other charged faster but then again I couldn't say without testing the circuit.