Yes, overly is in the scrabble dictionary

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Overly Definition

adverb

To an excessive degree: overly protective.
from The American Heritage Dictionary of the English Language, 4th Edition
To an excessive degree .
from Free Scrabble Dictionary

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Top Words by points

Points

overly

12

2 letter words with OVERLY

Points

er

2

lo

2

yo

5

ye

5

re

2

el

2

oy

5

or

2

oe

2

3 letter words with OVERLY

Points

ore

3

voe

6

rye

6

roe

3

rev

6

ole

3

lev

6

ley

6

lye

6

4 letter words with OVERLY

Points

levo

7

yore

7

vole

7

very

10

rove

7

role

4

rely

7

levy

10

lore

4

lory

7

oyer

7

over

7

orle

4

love

7

lyre

7

5 letter words with OVERLY

Points

lovey

11

lover

8

6 letter words with OVERLY

Points

overly

12

volery

12

Found 37 words in 0.17585 seconds