Is the prayer "Mother of Perpetual Help" blasphemous?

If it blasphemous I'd hope that EWTN wouldn't publish it. In any event, the sentence structure is a little confusing and requires parsing. There is such a thing as Mariolotry, but this is not it.

So, by Our Lady's intercession what don't we fear?

• Jesus' judgement (if Mary puts in a good word for us).

I think I could even make the case that this is a Biblical teaching.

The Queen sits at Your right hand, arrayed in gold

Psalm 45

A traditional understand of Mary's role in the heavenly economy is as a Mediatrix, a helper to advocate for humanity before God, like Solomon's "Queen Mother". And the idea is that Mary had such favor with God that He would do as she asked, as Jesus did during the wedding at Cana, when He didn't think His time for miracles had come.

She knows that as such she can point out to her Son the needs of mankind, and in fact, she "has the right" to do so. Her mediation is thus in the nature of intercession: Mary "intercedes" for mankind. And that is not all. As a mother she also wishes the messianic power of her Son to be manifested, that salvific power of his which is meant to help man in his misfortunes, to free him from the evil which in various forms and degrees weighs heavily upon his life.

St. John Paul II - Redemptoris Mater

and if you contrast it with the Memorare (a much more popular devotional prayer), which I'm typing from memory here:

Remember oh most gracious Virgin Mary that never was it known that anyone who fled to they protection, implored thy help, or sought thy intercession was ever left unaided, inspired by this confidence I fly unto thee oh Virgin of virgins my Mother. To thee do I come, before thee I stand, sinful and sorrowful. Oh Mother of the Word Incarnate, despise not my petitions, but in thy mercy hear and answer me.

The words "in thy mercy" always struck me as a bit much. I'd think, only God has mercy, what good is Mary's mercy. Well, we all have mercy, by virtue of being human - and perhaps Mary, who is hailed by the Catholic Church as the greatest and most pure of all humans ever created, ought to have very good mercy.

So she takes all our humanness as far as humanly possible although ( as St. Louis Demontfort makes clear) the gulf between her and God is infinite.

I AVOW, with all the Church, that Mary, being but a mere creature that has come from the hands of the Most High, is, in comparison with His Infinite Majesty, less than an atom; or rather she is nothing at all “He who is,” and thus by consequence that grand Lord, always independent and sufficient to Himself, never had, and has not now, any absolute need of the Holy Virgin for the accomplishment of His will and for the manifestation of His glory. He has but to will, in order to do every, because He only is thing.

Nevertheless I say that, things being supposed as they are now, God having willed to commence and to complete His greatest works by the most holy Virgin, since He created her, we may well think He will not change His conduct in the eternal ages; for He is God, and He changes not either in His sentiments or in His conduct.

God the Father has not given His Only-begotten to the world except by Mary. Whatever sighs the patriarchs may have sent forth—whatever prayers the prophets and the saints of the ancient law may have offered up to obtain that treasure for full four thousand years—it was but Mary that merited it; it was but Mary who found grace before God by the force of her prayers and the eminence of her virtues. The world was unworthy, says St. Augustine, to receive the Son of God immediately from the Father’s hands. He has given Him to Mary in order that the world might receive Him through her.

And that, is about as far as any Catholic can take their devotion to Mary.

If you parse the approved prayers correctly, you'll see a clear application that Jesus is doing the work of salvation, but the Virgin Mary and the Saints (and each of us here on Earth) as for each other's prayers in intercession.

And...

Intercession is a prayer of petition which leads us to pray as Jesus did. He is the one intercessor with the Father on behalf of all men, especially sinners. He is "able for all time to save those who draw near to God through him, since he always lives to make intercession for them." The Holy Spirit "himself intercedes for us . . . and intercedes for the saints according to the will of God."

Since Abraham, intercession - asking on behalf of another has been characteristic of a heart attuned to God's mercy. In the age of the Church, Christian intercession participates in Christ's, as an expression of the communion of saints. In intercession, he who prays looks "not only to his own interests, but also to the interests of others," even to the point of praying for those who do him harm.

The first Christian communities lived this form of fellowship intensely. Thus the Apostle Paul gives them a share in his ministry of preaching the Gospel but also intercedes for them. The intercession of Christians recognizes no boundaries: "for all men, for kings and all who are in high positions," for persecutors, for the salvation of those who reject the Gospel.

Catechism of the Catholic Church 2634-2636

Finally, if you get a just verdict in a court of law (and don't represent yourself), it could be said that your lawyer "obtained for you a just verdict" even when the judge was the one who handed it down.