^ Interesting idea since the area sprayed wouldn't be in constant contact with road surface at least. I could see it wearing off quickly though since rubber flexes.
How about the back of your wheels though? It would keep the mud off where it likes to stick and create wobble.
2013 JKU Sport, billet, auto, 3.73, LSD, 315/75/16 Duratracs on MB 72, 10A springs, Bushwacker flatties
Sold - 2005 TJ, red, auto, 3.73, 33" Duratracs, 4" lift
Ice storm casualty in 2007 - 2003 TJ, green, auto, 3.73, 33" Duratracs, 4" lift