No, there's no markdown here to allow underlining and the CSS method isn't possible either because it's requires restricted tags or attributes.
You could use unicode. It has so much space for characters in 16-bits that they decided to do the whole alphabet with underlining:
T̲h̲i̲s̲ ̲i̲s̲ ̲j̲u̲s̲t̲ ̲a̲n̲ ̲e̲x̲a̲m̲p̲l̲e̲,̲ ̲i̲t̲ ̲i̲s̲n̲'̲t̲ ̲p̲e̲r̲f̲e̲c̲t̲.̲
͟a͟n͟o͟t͟h͟e͟r͟
͟e͟x͟a͟m͟p͟l͟e
Of course these mappings aren't simple to remember (I think there is a Compose-key layout for them) so there are tools like Unicode Underliner that do the bulk of the work for you.
Or you can use XML Unicode ̲
and ͟
before each letter. The second is longer better for "m", although the support is somewhat dodgy on some browsers (or systems that don't have a proper install of the Ubuntu fonts).
I would beg you to use it only when you really, really need it though. The last thing I'd like to see here is an all-out formatting war.