The view from below
... is pretty good. No rust as far as I can tell. The underside of this California car is rock solid. A great deal of American classic car currently living in Holland were imported from California for precisely this reason. Keeping it in this state means the underside has to be cleaned and treated with a rust inhibitor and coating even though I'm not going to drive through snow and rain. For now I'm leaving it as is because the car isn't driven through rain (let alone snow & ice).
August 2009,
I treated the hollow spaces you can't see or get at. I used two products from Caprotech; RX5 and RX7. I bought an air gun that's intended to be used with rust prevention products (not with paint). It came with two nylon hoses about 2.5 feet long; one has a tip that sprays 360 degrees, the other one has a grip and nozzle that's at an 90 degrees angle.
The product I used is from Caprotech; the RX5 is "It is a transparent product with a strong penetrating formula, penetrates through existing rust and bonds to the metal, completely isolating existing rust ". It serves as a base for RX7, which intended use is in cavatives or hollow spaces; "RX7 has a strong penetrating formula so it reaches areas conventional coatings usually cannot reach. Neutralises existing rust and stops further rust development. Bonds extremely well to the treatment area and does not run at high temperatures (use RX7 only after treatment with RX5). Never dries completely and stays flexible to allow for movement, even at low temperatures."
Page 11. The documentation library