Michael,
I am not sure about that product, but i would first try with some thinners and see how that worked on it, and then move onto some heat ( heat gun, not a propane torch)
I am assuming that this is a waxy type substance, and not the thick black undercoating type of rust proofing. What ever way you look at it, be prepared for some elbow grease and lots of time....
good luck,
Mitch