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Don't use an undercoating, use either Por15 or epoxy primer and good paint.
I just finished the back half and now working on the front half and I used a 3hp 22 gal 8.6scfm @ 40 w/ 40# pressure blaster and it barely keeps up but it is working.
The Por15 looks excellent, a nice glossy black and it's made for this type of work.
The undercoating is a good idea for after the paint, but really not needed. I like the idea of rubber undercoating under a painted cab to reduce noise.
Either way, use something specific to rust or frame work for direct contact with the frame, then what ever you want over that.
You might consider boxing part of the frame, just make sure you paint or treat the inside if you can.