why use tar on a single file?
you can condense all that to a oneliner.
/usr/local/mysql/bin/mysqldump --user=root --password=yourpwd dbname --opt | gzip > /data_bak/date +%m-%d-%y.%H.sql.gz
A bit trivial to condense it, I'm just showing off here :-0
One important note though: then --opt is very usefull. It makes sure that when restoring the backup, all old data is erased before the data is restored. (we are talking MySQL here, checkpoints are not available until version 4.0 and even then it's not quite up to scratch) Also, it locks the tables during the restore, so that data remains consistent, and the restore is quite a lot faster.