Addressing the Underside Visual Advice

From the factory it would be mostly gray dip primer with color overs pray and the wheel wells undercoated. The easy thing would be to undercoat it all or paint it black.
Interesting. My '72 Duster 340 looked like it was originally black underneath. Front inner fenders were the body's TB3 with the deadener on them. I couldn't tell on the back wheel wells but I assume they were TB3 covered by sound deadener also. Couldn't tell if it had the overspray or not but I assume that to be true too. There were just too many places where it had the black to believe it otherwise. Seems like every previous owner did half assed work on it for the black to be that consistent. What do you guys think?