What happens to insulin levels when you drink a protein shake (whey) and 1 percent milk by itself?

That is close to 4 blocks of protein and only 1-2 block of carbs.

Can somebody give me an explanation? I know that both will elevate insulin levels and protein will increase glucagon, which prohibits insulin spikes. Anything more than that, I'm clueless.

That shake would tip the balance in the direction of too much protein as you pointed out, also it's lacking in fat and it's unlikely to provide 4-6 hours of hunger free good mental focus with high energy levels. For best results add 1-2 blocks of berries and 2-3 teaspoons of olive oil. The refined tasteless kind is fine, if you prefer not to taste it in the shake.