Weasel,
Who is Frank? Does he have pictures of the belly installed? (sorry, some days I'm a little slow...)
If the wood will be completely protected by the sheet metal, there shouldn't be any need to add further protection...BUT since I'm a skeptic...were it mine I'd seal the plywood with a few coats of oil based paint, the first coat or two thinned so it will penetrate, and seal all seams, edges, and protrusions well.
Another VERY important step (IMHO) is to seal all screw holes.
That is, after installing the screws in the belly, siding, roof, wherever, I remove them a few at a time and inject a small amount of sealer.
This seals up and makes waterproof the screw hole, and around the screw head.
While the thought of an underbelly as a way to waterproof the floor of a trailer might at first seem attractive, if not done very precisely, and maintained annually, it can lead to much damage that won't be discovered until it is too late...
A belly is great to hold insulation, or to protect the floor if you'll be driving on gravel roads, through the mud, or in generally nasty weather (like Ice and snow).
If you just take an occassional trip in decent weather, the soaking the floor will get from the vacation induced rain storm will dry very quickly without a belly to hide behind.
Rob
Waiting for "someday" will leave you on your deathbed wondering why you didn't just rearrange your priorities and enjoy the time you had, instead of waiting for a "better" time to come along...