Undercoat is only going to work if it is applied over top a good, solid, clean ,paint job. It really acts more as a chip guard. stopping stones and debris from breeching the paint.undercoat itsself does not prevent or stop rust, it will actually do more to hold any moisture agenst the metal. If you spray it over bare metal or rust you're asking for toruble. It's only going to mask problems for a short while. I would prep the bottom of the car as if you were planning to leave it in paint and then you can add the undercoat if you want to.
That's my take anyway