Cavity Wax is popular, Im going with Dinitrol Rustproofing and underseal.
My mechanic is doing it, so far he has cleaned all underneath including cavities and rails and all areas inc wheel arches, he is going to rust treat any rusty areas first, then he will go through all the stages of application, basically he said every inch of her including filling the sills up with it as well. Then clear Cavity wax inside the spare wheel well and protect up in behind the quarter panels and lift the carpet and protect the inside floor sections too.
Will take a while but thats on the schedule to be done. Wont be cheap but I know he will do a flawless job with it.