Factory undercoating removal
Propane torch and a scraper all the way. Goo Gone citrus cleaner will help clean the adhesive residue afterwards.
If it was me, I wouldn't re-apply undercoating after going through the effort of removing it. I'd suggest a truck bedliner product like Raptor Liner or Lizzard Skin which you can thin out and/or tint with color if desired. I used thinned-out Raptor Liner on the wheel wells of my Duster. Go to post #304 in my build thread you can see how it all went.
Great Pumpkin