I wouldn't spray the lower trunk area with the rubberized coating. There are drains in the lower fender area which are easily clogged. Clean, treat, prime and a good painting is what I would do.
Above the trunk deck line, it would probably be fine. You should have pasteboard interior cards which hide the coating.
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“Whatever story you're telling, it will be more interesting if, at the end you add, "and then everything burst into flames.”
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