Ben, Decide first why you want to either remove or keep the undercoating. It was never meant as a rust preventative nor is it likely that your restored E is ever going to see salt , slush and snow anyway. A good epoxy primer by itself will do more to prevent rust than any undercoating job. If you're doing a frame off, rotisserie job and plan to display the car with mirrors underneath and want it to look pretty then remove it all, and paint the underside of the car. To maintain some flavor of authenticity however I don't recommend fully painting the floorpans, rather overspray from the sides, shooting towards the center of the vehicle and don't paint into the trans tunnel or in the area above the rear axle housing. I believe undercoating was standard on all 300's but not sure, perhaps someone else can confirm this but if you want mirrors and looks leave it off but remember its probably not original. If you're doing the rotisserie style job and want to remove the old undercoating with the intention of repainting the floor pans and putting the undercoating back for originality then I'd advise against it for several reasons. 1. done properly its extremely time consuming and if you're not doing it yourself figure on 30-40 hours or more of prep time before its ready for paint, ie: $$$ 2. you'll have an extremely hard time trying to duplicate the look and also texture of the original undercoating. That stuff was blown on at pressure and a spray can isn't going to cut it. Personal experience with a pressurized applicator gun you can buy at an auto paint supply house wont give you the same results either. 3. Unless the stuff is cracking and loose (too late, you've probably got rust), leave it alone, you wont find any rust underneath it unless your car is rotten from the inside out and then its likely that the undercoating is all that's keeping your carpet in the car. If you want undercoating consider this... Carefully inspect the underside and remove any loose undercoating. Make all your metal repairs and refinish the underside of the vehicle as ORIGINAL where appropriate. Apply body color underneath where you find it and leave anything bare primer and not painted nor undercoated ... as you find it appropriate. A mixture of PPG DP90 and DP40 epoxy primers will resemble the grayish Chrysler primer and it wont rust through. Now that the metal underside of the vehicle has been painted and/or primered like the day it was assembled 40 something years ago you can repair the undercoat where needed per John Hertog's recommendation. Finally, avoid "rubberized" undercoating in a can and find a brand called Dynatron. Get a few cans and lightly coat the original existing undercoating. This will simply give a like-new coloring to your old undercoat while also "blending" any repaired undercoat and it will also cover any overspray of primers or body colors which will have gotten on the original undercoating as you were spraying the bottom of the car. While the above is only my recommendations based on my results using several different techniques on several different cars I've done I hope it will at least give you some more options to consider. I'd also recommend not only carefully photographing your car's existing details for documentation but also seeking out the advice of one of the club's knowledgeable undercarriage judges. Good luck! Michael Laiserin Phoenix, Az