I have had experience with that spray foam and it isn't waterproof. It will hold moisture in there big time.
I am going to put a new floor in our 88 and doubt I will own it long enough to see that rot out seeing as she has over 300K on it now.
Mike
86/00 CJ7 Laredo, 33x9.5 BFG Muds, 'glass nose to tail in '00 88 Cherokee 235 BFG AT's