Why? It ain't gonna rust!
sorry...it just slipped out...)
The only areas of the body that were originally u-coated were the wheel-wells, and even then, only certain areas of the wheel-wells. It was only done to try to lessen the chances of star cracks in the paint from rocks being chunked up by the tires onto the underside of the fenders.
So...u-coating the insides of the fenderwells is a good idea. If you do happens to be worried about rust on the steel anchor plates riveted to the underbody, you can selectively u-coat those, or just use a good quality enamel paint on them.

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Joel Adams
C3VR Lifetime Member #56    
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"Money can't buy happiness -- but somehow it's more comforting to cry in a CORVETTE than in a Kia"

Joel, I noticed that about this car.  Once I looked at everything, I see it is only undercoated around the wheel wells.  I'll touch those up while it's off the frame.  The frame has been blasted and powder coated, and since it's not going to be driven in bad weather, it should be OK for a long time.  Thanks again, David...