I used the truck bed liner on the inside tub as well as the underside of the car. This was after soaking the car in a marine based primer called Interzinc 52. It was about $170/ gallon. I used 4 kits of the truck bed liner after putting on the seam sealer. 2 on the inside and two on the under side. I stayed away from the suspension as much as possible. My car was designed to be a driver, not a show car. After I finished that, I used undercoating and a long tube nozzle and soaked inside all of the frame rails with undercoating (just the inside) There are more details at
http://www.cardomain.com/ride/2219901
If I was building a show car, I would paint the underside of the car and keep it clean.
Good luck!