The same acidity is responsible for the prevention of infection; acidity makes the area less hospitable to any potentially harmful bacteria. (See here, under Mutualism.)
Baking soda would neutralize some of that lactic acid and make an infection more likely. On the other hand, semen is a natural protector of the sperm, by providing a less acidic environment for the sperm to live in. In a sense, then, nature has already provided a safe delivery vessel.
Now, there are conditions (PDF) that can mess with the natural acidity and make it even worse, causing problems which can be solved with baking soda. But I'd not mess with it unless you know you have such a condition.
For further reference, here's an applicable WomensHealth.gov article, which suggests that women would try the same method to prevent pregnancy, and recommends against trying it for fear of causing bacterial vaginosis (which would put a damper on any attempts at conception):
http://www.womenshea...aq/douching.cfm