Will the Protected feat negate feedback for using Mind Control on a high point figure?

No, Protected only works on damage dealt. MC is damage taken. Nothing gets you out of MC feedback damage.

From the PAC:

MIND CONTROL (optional): Give this character a power action. It may make a close combat or ranged combat attack as a free action. A successful attack does no damage; instead the target becomes friendly to your force and opposing to your opponent’s force, and any of the target’s canceled powers return until the target returns to its owner’s force. Each successfully hit target may be assigned any one action as a free action. Immediately upon resolving its action, the target becomes an opposing character to you and friendly to its owner’s force. This character takes 1 damage for each 100 points of the successfully hit targets’ combined point value. If this character has a range value of 0, treat its range value as 4 when using this power. This range cannot be further modifi ed.

From the Protected feat description:

(Optional) If this character does not already have two tokens on it, damage dealt to this character as a result of a single action is ignored. Place a token on this character. If the character already has one token, placing a second token deals pushing damage normally. After the action is resolved, remove this feat from the game.