Sorry Tom, I misunderstood - didn't realise your chassis was stripped down. In this case I would only use the underbody seal as the last coat. It needs to be primed and painted first as you are suggesting. If you can afford it, etch primer will last much better than normal red oxide and is much more resistant to stone chip. It only works properly when sprayed on. I've found on body work when using etch primer that patience is the key, starting with a very light mist coat only. Then a proper coat letting this dry thoroughly ? at least a full 24 hours. Key the surface with a 2-400 grit paper and apply the top coat. I?ve not done a chassis before, but a whole landrover takes about 6 litres when sprayed, so I reckon the 2.5 litre should be more than plenty for you.