Reviews comparing the two aren't very definitive. Meaning I'm not seeing any saying "OMG. This Lizard Skin is better than mat."
I can't find any reviews that say the Lizard skin products are more effective at sound deadening than Dynamat or similar i.e. - Noico, Second Skin etc. But I can't find any that say it's worse either. I don't think any definitive research exists that proves Lizard Skin is more effective than mat. So I would use it with caution. I just can't tell for sure if your going to get an outcome that's better than mat. Or mat and heat shield. (Mat does provide heat shielding as it's aluminum backed. But I prefer actual heat shielding as mentioned above. It cuts 97% of heat.)
Lizard Skin sound deadener seems to be a fairly new product. And not one I've seen anyone do at home themselves. But I'm sure it can be done. I do find reviews that say spraying the Lizard Skin products can be very difficult. That you might want to use a professional. And that mat is alot easier to install. Price has to be alot more expensive Noico vs Lizard Skin.
(I would never refer anyone to Dynamat. As it is WAY overpriced. I'm using Second Skin. But Noico is about the same and even cheaper. For comparison's sake I would compare Lizard Skin to a better than average mat sound deadener. And Noico and Second Skin are better than average.)
But I would think if you coupled Lizard Skin with Bedrug carpet that you could take out and wash. You'd have a winning combination for mud and water. I've not seen anyone use the Lizard Skin heat and sound proofing products at home. But if you've got a shop, an air compressor and area to do it. I say go for it.
I'm just not a big fan of heavily sprayed products like this. And I don't go in mud or water. (Meaning mud bogging or big stream crossings.) I'd rather the easier, cheaper do it yourself option of a mat. But like I say YMMV. Pricewise. I think the last time
@Chris did his. It was something like $120 in materials to use Noico. I would assume Lizard Skin is alot more expensive. As just the sound deadener is $130 a pail. Then you've got the other products to go over it.
I think the big difference is if you want to go thru water and mud or not. If not, I'd stick with mat like Noico. If so, and you've got the bucks, space and time. I'd say try the Lizard Skin.