Are you talking about just the bed part?
i don't see why you couldn't coat it. Rust comes from exposed metal though, so if you plan to abuse it, scratch it up, beat it up and use it as a truck, a coating won't really do you any good. If you happen to chip it and expose bare metal, rust is inevitable. Only thing you can do is just keep it protected somehow. Not sure how well it would work but having a gallon of WD-40 and a spray bottle could be your best friend if this was the case. Since WD-40 will drive out the moisture and coat the metal