Technically, I don't think it is possible to "overstabilize" a bullet. That is, the bullet is either stable, or unstable. There is no such thing as over-stable.
However, for absolute top accuracy, there seems to be a particular twist rate, dependent on the bullet length, which will give you the best accuracy. This is something that interests competitive benchrest shooters, but the difference in accuracy is probably too small for anyone else. I think we're talking in terms of .05 to .1 minutes-of angle or thereabouts.
In my opinion, DEFINITELY go for the quicker twist. It will enable you to use longer bullets if you wish; it will still work fine for shorter bullets, and there is almost no downside to it. About the only downside may be that the "torque" you feel during recoil (due to the quicker twist) MAY be a little more noticeable, and if you shoot blackpowder, fouling MAY accumulate a bit faster in the quicker twist.
I'm not sure whether you will even be able to notice these effects - but even if you do, I think they are minor, and in my book they are worthwhile tradeoffs.