Welcome Daven
There are allot of details related to refinishing/restoring the undercarriage of any of the cars. If you look in the Library section of the site you will find (for example) an article on refinishing the undercarriage of 69 Dearborn Mustangs for example. I've not done one for the 69 San Jose cars yet as there has been not as much demand for those details as some other years.
As always the best source for any of these details is the original car. The batch colors used on the undercarriage varied slightly from day to day (generic terms). All of these details and how they were applied depended on a set of workers that did the task over and over often establishing patterns but those examples only helps establish what was typical. Not always what was done on your particular car. If your car was damaged, stripped or the details somehow erased then you will have to rely on what was typically done so we can work from that point forward
If you look at the 69 Dearborn article many fo the details and tasks preformed there are similar to what San Jose did. Batch color from about the firewall rearward followed by the firewall forward with red oxide epoxy sealer. The biggest difference is how the front wheel wells were finished.
If you have a Mach I about 50% of the floor will be covered in a final step with sound deadener hiding some of the details that will be provided
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Here are a couple of floor color examples from around the same time as your car at San Jose
Red arrow = Batch color
Blue arrow = Exterior/Body color overspray
Overall look some of it would be covered by Mach I sound deadener
Yellow arrow = Pinch weld black out
Blue arrow = Exterior paint
Purple arrow = Batch color
Sorry its a unrestored and dirty car
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Front frame rails
You can barely make out the front dolly mark
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Sealants over the floor/batch color
Rocker to main floor seam seal
Inner seat belt anchors
Trunk drop edge sealant. Much has flaked and fallen off but pattern and coverage is still shown
Got questions - ask
Hope this helps
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Other related threads include some of the following
http://www.concoursmustang.com/forum/index.php?topic=15492.msg96861#msg96861http://www.concoursmustang.com/forum/index.php?topic=2199.msg11193#msg11193http://www.concoursmustang.com/forum/index.php?topic=4656.msg25892#msg25892