I did 2 coats of Rust Bullet and 2 coats of 3M brand undercoating. They didn't make it then, but RB has a black color now that would be perfect.
My brother works in the aviation industry and he got me a case of white paint and hardener, same as Dupont Imron....It tinted it with a little black for a light gray and painted everything 'cept the outer skin of the car with it
Here is what I did with mine. I blasted the undercarriage, then sprayed with POR-15 then used the spray sound deadner, rust sealer stuff found at Advanced Auto etc. Nice and flat black under there and in the wheel wells too. I also did the same to the interior of the car before putting down peel n seal. In the trunk, after the sound deadner stuff, I sprayed blk/gray splatter paint--looks like it came from the factory. I used flat black on the stock wheels and hubs as well to cover the POR-15 I used on those. Note that I treated the rust prior or just blasted it off. Good Luck and let us know what you end up doing.
Wire wheel to metal. Brush on Rustoleum Flat Black Oil based Enamel. Let dry a few days. Cover with Rustoleum Truck Bed Coating. Rustoleum protects metal, truck bed coating protects the paint. Does it hold up, yes. better than anything else I've used. Gravel, salt, water, the car will be safe. , has held up to accidental hits from my tools and myself. Local shop in town started doing this to their Plymouth Satellite project after I showed them the results and my aunt did it to her VW Beetle as well. It's relatively inexpensive. Paint = $8 a quart and rustoleum truck bed coating = $15-18 a quart. Unlike other truck bed coatings, it sticks to nearly anything and doesn't flake or chip. Both sold at your local Lowes/Home Depot/True Value, etc.