If you seal the underside any leaks or rainstorm & open door events that wet the plywood will have less surface area to dry back out... If it were my 10-year-old trailer I think I might spray it with scotchguard waterproof spray and keep going, that spray will allow air flow and drying but resist any liquid water.
My '73 had a sheet of aluminum shielding the plywood underside inbetween the outriggers at the entrance step and all it managed to do was hold a puddle of water under the plywood for xy˛ months. It was ugly.
http://cdn.airforums.com/forums/atta...tid=141189.jpg