The cars I've seen had a smooth gray coating if you will. Looked like a semi-gloss gray primer. I wish I'd have kept the pictures. The factory did not coat everything black under the car. The black body schutz that they used in the rear wheel wells sometimes got a bit carried over to the spare tire well area and sometimes part of the rear belly pans but I think this was mostly overspray, and not by design. Maybe it was, but they weren't precise. They got messy and it wasn't artwork. Yours is typical of the way tire rocks and debris beat the schutz off ceratin areas of the wheel well.
Here's a very low-mile 85 442 (2800 miles) without any aftermarket rustproofing. Even the cross member was uncoated. 83 and 84
H/O was similar.
Note some spray on the belly pan
I suggest 3M body schutz for the wheel wells. Takes about 1 can per wheel well. DON'T do the fronts. They didn't, you shouldn't either. Uses a special applicator gun with an air compressor to apply, but it is what it is.