So just to complete the circle... An image of an air scraper and needle scaler below. Both of these are good for the rubberized (or at least seemingly rubberized) undercoating/chip guard in the fender wells and underside of the tub? I will definitely have to give these a go! A friend has a needle scaler that I'm sure I could borrow for a test run. I could see how the air scraper could work well. I'm assuming you'd probably have to go over everything with a wire wheel to get the remnants as the last step?
Thanks again for the help & suggestions! I've got some experimenting to do!
Tom