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I am amazed. In all my years of fiddling with cars, I've never even heard of this. Yet everybody acts as if this is 'old hat'!
I have a 55 Chevy that had a V8. The road draft tube is on the passenger side of the car. Sure enough, the passenger side floorboards were coated with gunk and intact. The driver side floorboard is rusted through. Obviously there's something to this.
Back about 86 I worked at a Ford dealer in MA where all the old timer mechanics did this and one guy had an almost original 50s Ford pickup with no rust that was a daily driver. After coating the truck he used to drive it over a dusty road, which he said made the oil stick better so it would not wash off as soon.
I thought it was a bit crazy at the time, but, results are results. Once i get my truck sandblasted and painted I am going to do the same thing.
i use used oil, graphite and grease, and atf fluid, another thing that works great is atf fluid, and foundation coating, mixed aprox 50/50 and sprayed with a shots body gun, or an undercoating gun, here in Nova Scotia we see alot of salt, winter salt on the roads, and salt spray from the water. our 77 f-100 has the orginal paint thanks to the undercoating, keeping it from rusting out. same as our 77 bronco, and the 78 f-100 i just bought. it makes a big difference when you have to work on the truck's too. a little dirty, but the bolts always start... no worries.
Applying bedliner material to the convoluted underside of a cab would be a bear. You have to scuff the paint before you can apply bedliner material, which is easy to do on the top side of a bed, but would be hard to do to the underside of a cab with all of its nooks and crannys.