Grease + Oil = GROIL. This is one of the formulas in my evolution of undercoating sprays. There are a lot of options when it comes to undercoating, but in my opinion an oil based coating is the best for halting the advancement of rust. Rubberized undercoatings create a layer that allows water to get trapped between it and the surface it's applied to, which then accelerates the rust under it! It may work when applied to a new vehicle with no rust, but I wouldn't recommend it for older vehicles. Got a better mixture? Let me know.
Warning: This stuff is flammable, especially before it dries, it IS made from oil and diesel fuel...
Also, forgot to mention that while almost any oil will work, I prefer to use regular oil instead of synthetics, it seems to not thin out the grease as much.