What is the best protection for under a 1933 ford. Paint, Undercoating??
I assume they did not use anything originally. What is used today to protect from rust, etc??
The best protection is paint, as was original. Undercoating was not available until much later, is hard to remove, and may provide opportunity for rust to develop in poorly protected areas.
If you've seen any of the old photos/movies of the Ford assembly operations, you'd have seen where EVERYTHING that went into the chassis was painted. I believe the bottom of the body may have been primed only.