I've seen several cars/trucks with spray-on "bed liner" in the wheel wells that seemed to do an excellent job. Should work just as well for what you want to do. As with any other coating, preparation is the key - make sure it has a good surface to stick to.
I have no experience with PlastiDip but, from what I've read, it is too soft and wouldn't hold up in your application. YMMV
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