to be honest, i really cannot see a reason to ever use overwrite again..as comp mode is effectively overwrite with automatic saves of prior takes.
When you do a second take in comp mode, the first take is muted and is dropped down a take lane. The most recent take appears in the track. With this method all takes are automatically saved...ie without actually doing anything proactive.
so..
Set record mode to comping by right clicking on the record button and making the selection.
Arm a track, record it. The track shows your recording as it should. Come back to this track some other time and decide you want a second take?.. arm the track and record. The original recording is now take 1 and you commence recording take 2. upon completion take 2 now shows in the track window and take 1 is simply moved down.
the reference manual is a good read for this.