Underbody best finish

The factory had primer and over spray then if you want to they had a tar based undercoat.

I would prime and paint every metal surface that can be reached.

I highly recommend an undercoat, but be carefully to keep ALL the weep holes open.

Also maybe some inner panel "body wax" treatment in the areas that can not be reached by paint.
Thanks, so far entire car gone to bare metal and every surface painted, when we have had the quarters off all primes behind etc. Not too worried about factory as not much on this car will be factory