Sounds to me the car is still nice on the under side. Like the JLH's post above said its part of the cars history I would most likely leave it if it still looks good - not peeling or flaking.
I did remove the under coating on my car because of peeling and light rust creeping under the under coating I used the propane torch and scraper. Just becareful not to get burned by dripping hot tar and use a respirator or mask the stuff will make you dizzy. Heres a couple of after pics.
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69 GTO Judge
69 Firebird Trans Am clone
76 Trans Am 400 4spd.
06 GTO M6 18's red/red - 1 OF 188.
09.5 G8 GT Stryker blue met. premium with sport pkg.
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