Do you mean undersealing or rust preventative measures, because these are two different things.
I personally wouldnt bother applying underseal, but I would consider applying a GOOD quality rust preventative penatrative wax to the inner rear wheel arches and all box sections, although this will involve removal of a reasonable amount of trim to get to the relevant areas. I would only consider Bilt Hamber or Dinitrol for this, and for seam welded areas, a highly penetrative substance such as Supertrol. I have used these on all my Omegas from acquiring them, and none have any rust at all in the rear arches for example. I have applied it to my clsssic Triumphs; one I have owned for 33 years and it has little visible corrosion that has come from internal sections. I put this down to the rust preventative measures I have applied over the years.
It all depends on the condition of the car before its applied. Its pointless doing it to a car that is alteady showing signs of corrosion. If the car you are refering to has had a very sheltered life and is predominantly rust free from a visual inspection underneath and all the suspect areas, then I would say its worth doing.
The other point is that many wax based treatments are highly flammable so if any welding is likely in the future, then waxed injected areas have to be treated with extreme caution.
Underseal is not good on an older car; it can crack and allow damp under it which is then trapped, and it then accelerates any areas of corrosion.
So rust prevention - yes depending on the cars condition to start with, undersealing - NO!
Also, any wax rust treatment must not be applied to any rubber components or they perish and turn to jelly...