I think that could work. You would want the belly pan to be pretty well sealed. Or at least you wouldn't want there to be big gaps that water could Splash through. I don't think you'd be able to prevent all rust since I'm sure it would get damp. And it would be humid. But you should be able to keep salt water from salted roads from getting directly onto most parts. But a downside would be that since frequent washing off of salty deposits during the winter is one of the methods for reducing rust, if any of the salt got through your undertray it would be difficult to really clean it really well without removing the undertray. I could see scenarios in which the undertray makes a rust situation worse.
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See my car's mod & maintenance thread and my electric bicycle's thread for ongoing projects. I will rebuild Black and Green over decades as parts die, until it becomes a different car of roughly the same shape and color. My minimum fuel economy goal is 55 mpg while averaging posted speed limits. I generally top 60 mpg. See also my Honda manual transmission specs thread.
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