On the advice of the reliable davekc I abandoned my do it yourself undercarriage rust battle and had it sandblasted today. Good call.
They're going to prime it for me tomorrow and I will paint the rails and seal the wood. As far as the wood treatment goes, what is the rubber product and where do you get it?
As far as tubing the wiring goes, that seems like a great idea. I assume you just run PVC inside the frame and feed the wires through. Sounds pretty simple.
The sandblasting place is also a welding shop and I am going to talk to them about some wheel fairings.
This is perhaps a bit off topic, but I noticed that the rust on the cross beams was the thickest near the outside edges, suggesting there was a lot of rain basically blowing under the bottom sides of the box as I drove. I did a little research on truck aerodynamics (partly to test my idea that wheel fairings might protect the bottom of the cargo box) and I ran across this interesting product:
http://www.freightwing.com/
I wonder if perhaps it would provide better mileage AND help prevent moisture damage to the bottom of the cargo box.
Maybe just a little more mental outfitting.