Bautista as a Bond villain? I dunno, he was good in Guardians because his character wasn't charismatic...which he isn't either. Having a major spotlight on him like this....I'm not so sure.
EDIT: He's being cast as a "major henchman" who will be an assassin who gets into a few fights with Bond I guess. In that sort of role he would be okay I think, just as long as the major villain focus isn't on him alone.