WaxManRonnie- Glad it's working out for you!
Brad B.- I used my Daimer to do that to the e36 M3 I had. It took all that steamer's power to do what I wanted to the undercarriage. Using a steamer on the oe undercoating (the wax-based stuff that most call "cosmoline") is a kinda weird experience; the heat primarily "compromises" the product, melting it and turning it white/opaque rather than "cleanly steaming it off". Gotta get it just right to a) clean things up the way I think you want, b) *not* remove too much of the stuff, and c) not compromise what you want to leave intact, either functionally or appearance-wise. Expect a few "oh [shoot]!" moments!
When you do get it just right, it works pretty well.
FWIW, having BTDT, when it comes to "detailing the undercoating" type work, I now stick mostly to the time-and-money intensive solvent approach. For *other* undercarriage/engine compartment stuff, the steamer is great, but watch it around...well, stuff that could be compromised by steam/water/heat. Yeah, hey, intuitively obvious, right? Heh heh heh...
Kevinch- See how it works for the calipers/etc. It was failure to do that job that prompted me to buy my Daimer 1500C; my DeLonghi steamer (~55psi IIRC), while great for household work, just couldn't get the job done when it came to stuff like brake calipers. Worked fine for less demanding work though.