Is it permissible to perform the prayer: "O Allah, grant our Master Muhammad a prayer of strength and succor, by which You protect the soul and the body, and through which no one can overpower us, and by which You safeguard us from the evil eye, debt, jinn, and evil"?

The best formulations for sending blessings upon the Prophet, peace and blessings be upon him, are the Abrahamic prayers (As-Salat Al-Ibrahimiyyah). The formulation mentioned in the question is not authentically transmitted from the Prophet, peace and blessings be upon him, nor from the righteous predecessors (Salaf). However, it does not contain any forbidden elements according to Sharia, and there is no harm in saying it, as long as one does not believe it possesses a specific virtue.