Undercoating is a very touchy subject with a lot of resto stuff. I would HIGHLY recommend against any bed liner coating. Bed liner poses the main issue of what happens when it fails. The coating can trap moisture behind the bed liner and hold it to the metal which will just eat away at the metal behind the coating.
I looked through many different options when Undercoating my Mk3 Supra. I had a lot of chassis repair and rust work that I will eventually writeup in a thread but in short here are the brief steps I followed:
1. Remove all factory undercoating. This stuff was a pain to get off on my chassis and you'd be surprised with what you'll find underneath. I found a few decent sized surface rust areas that would be completely hidden underneath the factory undercoating. I recommend something like
this to get the job done quickly. Definitely use good PPE when doing this the undercoating frays out like silly string all over the place.
2. Personally I repainted the underside with epoxy primer this was primarily due to the rust repairs that I did though. If I didn't have any chassis repairs to do I would have just gone a lot lighter with the wire wheel but it is tricky getting the undercoating off without removing
some of the paint along with it.
3. The undercoating I went with was
3M Body Schutz. The Square footage estimates get a little tricky I ended up using 2 Cans to do the rear of my vehicle, wheel wells and gas tank area. The official 3M Undercoating gun goes for over $200 which I wasn't trying to pay. I purchased this
economy gun and it shot the undercoating perfectly!
Depends on how much you drive the vehicle and the conditions you drive the vehicle in but also a good idea to look into fluid film to go over the undercoating. I haven't done too much research into it since my car is still not driving on the road, but the coating will help protect the undercoating even further.