This question has come up before, and I will give my opinion for what its worth, as I know last time some people did not agree with what I had to say.
Let me start by saying I am an automotive engineer and have been for the last 15 years working for various prestige car makers in the UK and Germany, I currently work for Bentley motor.
Rubberized underseal is fine when applied to a brand new body shell with no rust or road dirt. When it is applied to a new body shell it is applied before the car is fully painted and in a clean environment. Then painting over the sealer seals the edges against water ingress under the stone chip layer.
It is also worth noting that modern body shells are E coated, this is an anti corrosion coating applied in a dip tank, the steel used is also zinc coated when it is a sheet prior to pressing.
The problem with using a rubberized stone chip on classic vehicles in my opinion is:
1. the condition of the surface its being applied to is usually dirty and some time rusty which does not promote a good bond and dirt can act as a sponge and keep water trapped.
2. Because most classic cars have no real corrosion protection in the box sections when any moisture gets in it will bleed through the seams and get behind the rubberized layer and set up rot which will not be apparent unless the stone chip layer is removed or blisters.
3. how do you seal the edges around the wheel arches, to stop water getting between the stone chip layer and the body, modern vehicles have a wheel arch splash guard which takes care of this.
In my opinion the waxoyl/tar based sealant that can be brushed on is the best option at least it contains a corrosion, inhibitor which the rubber based options do not.
Which ever route you chose I would make sure you get a good coat of waxoyl in all the box sections and give it time to melt into the seams, (which will mean waiting till we get some warm weather), before you apply any underseal at least this way you will know your not sealing moisture in the seams only waxoyl.
At then end of the day its your van you should do what you think best suits the way you use it.
Ian