I actually think it wouldn't be a horrible spell, but, it all depends on how you look at it.
Everybody needs protection from evil. I mean, seriously. They're evil!
Evil and neutral characters might need protection from good. Evil for the obvious reasons, and neutral because their alignment can technically shift.
A protection from neutral spell... It's hard to base. Simply put, neutral people typically shift in alignment as the need arises. Whether it's because they believe in "balance", they don't care about anyone but themselves, or whatever the case may be... A neutral person generally can shift from being good, to being evil ten minutes later.
Or, at least, that's how I feel about it.
That being said, I don't think a "protection from neutral" spell is really reasonable in any sort of RP setting.
On the other hand, it -would- be awesome when not roleplaying.
Warmest regards,
Jorlain