After sandblasting the rusty spots, it's always good to apply some rust-converter before you start painting anything just for some peace of mind. Anyway, I'd probably suggest you to cover the underbody with some rust-proof material, no matter if it's some ceramic-based stuff such as that Lizard Skin, or that Rhino Liner, or even those asphalt blankets used for home improvement if you would want to keep it cheap.
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