the code i have posted is correct. It is however not just regular phong shading.. it is point light diff+spec phong/blinn shading.. that means you need first a point light attenuation map and its alpha, an illumination map and its alpha for specular, a normal map for the model as entskin2, and also a specular map in the entskin1 alpha. As i asaid download the RacorX files and take the DDS files there and then import them into photoshop.. to do this you need a DDS importer.. there are several available.. try the nvidia developer website...
assaign the material as you said.. my.material = mat_pointdiffspec;