Dang, this is what I'm going to try! I've been thinking of doing this since they were experimenting with neverwet. I'm going to get a detailing first to prep the body and then try the never wet on the top of the body, maybe work on the sides later.
I forgot to add, after thinking about this heavily it could be a bad idea to coat the base of the weel with NeverWet. The question really is if the road is flooded will it HELP or will it HURT traction with the road. At first it makes sense that it would push water out of the way so that it contacts the road, but could it also make you slide accross as well?