@almosthavoc - If I am understanding your post correctly, you have attempted ACT only once with a Composite of 29 and getting this scholarship could be a decision factor for you.
If that’s the case I would submit that ACT + App + Transcripts etc. You can always take another round of ACT in Dec and submit those scores too for consideration. I would not hold back on ACT = 29 just because the deadline is close.
Also, the 1320 on SAT equates to 29 on ACT (see link below), so no harm in submitting both (if that’s what you would like to do).
http://collegegrid.com/sat_scores_by_score.asp?score=1320
Hope this helps!