For something more rigorous that has sort of a similar flavor, see the discussion of the precession of Mercury's orbit in section 6.2.6 of my GR book,
http://www.lightandmatter.com/genrel/ . There is a much more detailed treatment of orbits in Exploring Black Holes, by Taylor and Wheeler.
There is an effective potential, and it does have an additional relativistic term with a higher power of r in it. However, the details are all different from the result you got. The sign of the lowest-order relativistic correction term is opposite to yours, the exponent is different, the term vanishes when the angular momentum is zero, and the whole thing is actually a squared energy.
The problem of describing free fall into a black hole with zero angular momentum seems like an interesting special case. Let's see what happens. Following the treatment and notation in my book, we have for the equation of motion:
\dot{r}^2 = E^2-(1-2m/r)(1+L^2/r^2)
This is in relativistic units (c=1, G=1), L is the angular momentum, and the dot means differentiation with respect to *proper* time s, not Schwarzschild coordinate time. The interpretation of the constant E is discussed in the book. In the special case of axial free fall, L=0, and I believe E=1 if the free fall starts from rest and far away, so this simplifies:
\dot{r}^2 = 2m/r
Separating variables and integrating gives
r = ks^{2/3}
where k=(3\sqrt{m/2})^{2/3} and s=0 is taken to be at impact with the singularity.
So unless I've made a mistake here (which is entirely possible), the exact relativistic motion is unexpectedly simple to characterize as the function r(s).