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It is GM code 12, aka WA8535. It is glossy silver, just as if it were painted across the entire car. But if you want it matte, mix it accordingly, that's up to you.
The "smooth undercoating" is actually a clear 3M "rockguard" product sprayed on the lower section of the car after the silver paint was applied. Depending on how well it flowed out, Between the wheel wells and behind the rear wheel well, about 1/2" plus or minus below the body side stripe. I say about because it was taped off and that seemed to be subjective during assembly back in the 80s between cars and even side to side. The tape lines for the body color separation really sucked too. Thank goodness for the stripes being wide enough to cover it.
Here's a closeup picture of that factory rockguard junk on my 85 442. Note the care and perfection that they used to tape it off. Not.
Rear of wheel well on my gray 85 442 I used to have with the original rockguard. Tape lines are dismal.
And an original paint 85 442 that is not mine between the wheel wells. Look closely for the tape line. The degree of reflection obviously depends on how rough the surface of the rockgaurd is. Again, no rockguard in front of the front wheel well.