I have never done this personally, however I have seen several applications of aluminum diamond plate in the bed of these trucks in lieu of the factory yellow pine and metal wear strips. When applied correctly and in a workmanlike manner, this can be a very nice looking solution. Proper preparation of the metal you are covering will ensure a long-lasting installation. I have seen it done when the owner doesn't want to mess with replacing the rotted wood and rusted metal runners. Covering it up to hide it is OK, however you may be revisiting the situation later if you plan to keep the truck. Also, it will become evident if you sell the truck. In any event, I would install the diamond plate below the flange on the inner bed panel and the wheel wells. I have seen it above and below, but below looks better. Good luck with your project.
