Take this for what it's worth.
I have sandblasted and primed my chassis, then covered it with herculiner. It looks nice but in no way does it protect as well as they claim.
I think undercoating is great, but I think it is best suited for hard to reach places or for patch work.
I have not ever used POR15 myself, but I have friends that have used it and they swear by it. It dries very hard and supposedly if applied right is unbelievably durable. You brush it on, it self levels, and looks great when it's done. It is a little expensive, but If you are looking for the best do-it-yourself way of protecting your chassis I just don't think you can beat this stuff.
I have been told that 3M has an epoxy based undercoating now. It dries hard and you can paint over the top of it. I haven't found one shred of information on the internet that supports this claim, but it would be neat stuff if you could find a body shop that uses it.
Good luck with your project,
Paul