Hi,
Have a look at this thread, this guys going on about an Epoxy Mastic, looks like it should last a lot better than POR 15/Hammerite:
http://www.volkszone.com/VZi/showthread.php?t=529739I think you'd still need to paint it first then apply that mastic, its something I might do to my '58 Beetle if it ever needs restoring.
I have POR15'd the inside of my Floor pans on my bug and its OK, but it does chip off very easily, probably not the best stuff to paint on the underside where its likely to get chipped etc

Theres a lot of info about POR 15 on the VW website above, do a search for it
