gas tank out!

Pro's: It looks great! If you're interested in showing the car's engineering, this is the way to do it. Most people haven't seen anything like it.
Con's: Its a pain in the butt to maintain. Gets dirty quickly and you have to be very cautious when working on anything in the engine compartment. Several people have used pickup truck bed liner material which makes it much more ding resistant but you're limited as to color and "glossiness".
If you look in the DeTomaso photo gallery section you'll see some exquisite engine compartments. It really depends on what you're after, an engine compartment that is show quality or one that's a little more user friendly.

How about something a little different - the stock satin black paint. Looks good and easy to maintain. Best of both worlds.

Les, I know you have a lot of work to do to remove the rust, you have time to think about it

removal of tar undercoating,use a propane torch to heat the tar and the putty knife slides right thru it to bare metal,even were it was a 1/4"+ thick.a person could easly have the job done in a good day. les

Your still a long way from "detail" Les..you see that cut in the wheelhouse? Well that is about how far back you need to rebuild to. If the wheelhouse is this bad, I can only imagine that the suspension mounts are GONE. Keep in mind that there are trmendous loads on the suspension. I wish I had more pics to help you evaluate what you have.