Thanks JMT! The Noico 80 I used still looks and works as good as it did when I installed a year ago. The hoodliner material I used is still holding up nicely as well.
1) I'm sure this 170 mil Noico product would work, and perhaps it would be a better choice for someone that would get the inside of their tub wet often. That said, I am somewhat partial to the sound deadening products made of the thicker butyl with foil backing (Noico 80, Dynamat and others). Much research has went into the design of these products and their sound deadening capability. If you compare the weight of the product you asked about, it is ~10 lbs for 36 sq ft at 170 mil thickness. The Noico 80 is 28 lbs for 36 sq ft at half the thickness. This gives you a good idea to how the products differ in how they work. The extra mass the butyl offers is nice to have on those big tub panels for the best sound deadening results.
When
@Chris did his TJ, he used the Noico 80 and then covered it with another Noico liner product that was waterproof (we can read back to see exactly what he did). That would likely be best bet for both sound deadening, temperature control, and water proofing. This is what I would recommend to most folks that "might" get some water in the tub from time to time, but won't be washing it out with a garden hose or going mudding every weekend.
Optionally, if you do decide on a combo of the Noico 80 and a top liner, you wouldn't even have to do full coverage with the Noico 80. You could still get good benefits by just doing 50% coverage on the largest tub panels. I would still do full coverage with the Noico 80 on the firewall and front foot wells since that is where most of the noise comes from.
In my mind, nothing with seams will be waterproof. Even if it is now, it won't be in 10 years as things age, shift around, get stepped on etc. Since mine is more of a restore/daily driver build with a hard top, the waterproofing wasn't a concern for me as it will be for others.
2) Yes, I removed the drain plugs, cleaned them well, and installed the sound deadener around the drain holes. I then sprayed the drain holes from the top and bottom with Fluid Film and reinstalled the plugs.