My thought also Val. I cant remeber that last time i saw the underside of a hood rust. Kilroy was here!!!
I can't remember the last time I saw rust under the hood either but I have a project that I swear was either buried or submerged. I repaired rotted out hood hinge areas, treated edges [underside rusted] with rust converter and so the undercoating question.
Have you ever seen paint damaged by under hood heat? It is probably not a big problem with 60's trucks since they have tons of space under the hood. I don't think I would recommend rubber undercoating for under the hood though. It's great for deflecting rocks but not sure about heat. Try installing dynamat or a duplicolor bed liner kit for something durable. http://www.dynamat.com/products_automotive_hoodliner.html http://www.duplicolor.com/products/truckbed.html
i used a spray on bed coating on my fire wall and inner fenders. it drys faster and will not get soft from the heat. it came in a spay can form. i would use something like that on the hood because under caoting stay a little soft and atrakes dirt and dust.
I don't know.. ?? If you are going to all that trouble, why not just clean up the rust, (POR-15), prime then paint ?? !! Even rattle can will look better than undercoating or bed liner .. As an example, I cleaned the engine compartment, sanded all bad spots, and with rattle can, primed then painted it with epoxy tractor paint... Val