I can definitely recommend you do this. I used a Gunk-type de-greaser/cleaner on my engine bay a few months ago, and it sure made a BIG difference - and I never thought the engine was really that dirty. I applied it twice because the effect was so noticeable, but I think 90% of the dirt washed off with the first application. I did wrap the ignition and battery in plastic well, to avoid electrical problems. The aluminum cover did not show any effects of any overspray on it, but then the (European) product I used will probably be different from what you buy in Canada, so be sure to check the directions on the can. Just this morning I was considering cleaning the underside of the car (auto transmission, rear axle) with the cleaner as well but did not get around to that yet. First I am finally going to construct a manual hoist for the hardtop ...
white 1969 280 SL