Six extensive reviews have concluded that sodium bicarbonate ( 300mg/kg) is a very effective ergogenic in events that may derive significant amounts of power from the lactic acid energy system( range of duration of exercise between 45 seconds to 6 minutes).
I don't know any study on bodybuilding, but once I was on Metformin, Known to increase lactate, and was feeling tired and weak, took 4 teaspoons of Na bicarbonate 1 hr prior to exercise and the buffer effect was noticiable, as I regained most of my strenght.
More input would be nice, though...