Okay my thoughts on this shipping.
We'll let me start out with that in EVERY fantasy story dragons pretty much mate with EVERYTHING. This is due to the fact that dragons can take a different shape. The must common cross-breeding is Dragon x Human.
Now this shipping is on the "not okay" side due to Spike being really is to young. Twilight Sparkle hatched him when she was a filly, so I'm assuming she was 8-10 years old. Now the theory is that the Mane 6 are in there twenties, so if that's true (Which is what I believe) then Spike should be 8-10 years old. Now I'm going to go with Dragons become adult at that age of 18, which is the normal age for "Adulthood" so give spike 10 years or so, Rarity x Spike would be okay. To me, the love interest is okay for something his age. It's basically a child hood crush, and we've all had that right? We see it in shows and stories all the time. Some pre-teen has a crush on a class-mate or teacher. Spike I believe is just now learning the elements of love. So yeah, this is nothing but a childhood crush, but maybe (If Rarity is still available, which I doubt) Spike in 10 years might just be with Rarity. But this is just a show for little girls (remember that) so it might never become canon (unless the upcoming episode Twilight gets a glimpse at the future and sees them two together).