I used Herculiner on the floor and bed of my Jeep CJ5 so I have some of that left over and available to use.
Though I agree is has texture and could allow dirt to stick, I don't think the dirt (or gravel) could ever penetrate to damage the metal... It's texture would deflect gravel. Removal of the bedliner stuff might be a bear though I doubt that would ever be anytime soon... or in my lifetime anyway.
The stuff originally used on the truck fenders was like tar, or WAS tar, I'm not sure. I'm using a scraper to remove it and it's a difficult job, but I can see it was very effective in it's purpose. It was obviously applied after the truck was assembled, as it was glopped on thick in some areas and thin in others. At least with the fenders off, I would be able to put a nice even coating of whatever I use.
I'm leaving that open, because I plan on buying some POR15 for the frame when I get the cab and bed off... so really I guess I could go either way. I'm assuming a gallon of POR15 will do the frame and enough left over for all the fender undersides?
I appreciate all the comments. It's always interesting to see what fellow bolters are doing and how well it worked... and I didn't find any posts on this topic.
Jerry