That schematic would be fairly effective, though I would lower the trigger voltages a bit myself. Most land line phones run around 48-56V, and may have spikes in normal use. A 150V gas tube and perhaps 240V MOV would be my personal choice. Be sure to use 3W rated resistors as shown in that schematic.
That all said, the schematic as drawn would work as well. Remember the gas discharge tube is only as good as the ground it is connected to. A simple small wire is not enough for a nearby hit. Put the protection device close to where the phone line enters the house, hopefully close to your electrical panel grounding (earth ground connection).
A direct hit, well, not much will prevent damage, but any good protection circuit should minimize that damage.