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I know its a very Old post here but wth?
Reminded me when I bought a mint 79 Pontiac T/A 10th many yrs ago and the first time I worked under to install a new clutch. OMG dude' I came out looking like an absolute pig. After looking closer we noticed the entire undercarriage was coated in oil. I later determined it was "oil bathed" at some point. Thats what many did long before Ziebart undercoated everything in sight, they just brushed on a heavy weight oil or grease, mainly on the chassis. Now' I strongly suggest you avoid the exhaust at all cost if you try it, also' beware I read oil drips off for days too so be careful where its parked..lol My T/A sure was a mess to work on but all that oil/grease must work very well because Im also a Hoosier so I also know all about rust my friend.
Held both my feet up on the peddles driving many cars with no floors. Once watched a girlfriend in my pass seat get hit by a massive title wave test driving an old Mustang. I hit a big O'puddle at about 50mph. I didn't know the car lot simply covered the big hole up with just the cars carpet..lmao. She was just soaked, looked like a big title wave inside that car I swear it did!! We married later so I never forgot that one you know?
But' I do know rust, my T/A never got a bubble one in all the yrs I owned it while everyone else I knew with a T/A or Formula Firebird suffered bad from rust issues, so yep' it worked.
I'm looking at a 2002 LS430 but its a Chicago car. Pics in/out and underneath it sure looks great but after reading up more it seems the LS cars do indeed rust out. Glad I came here to verify, guess I'll pass cause there are more of them out there in better locations. Real shame cause it sure looks mint.