I don't know if Lebron is overrated since he has had so much success over a long period of time with incredible stats. However, one narrative has always bothered my about Lebron and that is that he elevates his teammates; I just think that is totally untrue.
While he is clearly a leader on the court and one of the best 'Point Forwards' ever, I actually generally think other players decline when they play with Lebron (and improve when they leave). If you take this current version of the Cavs. Hill, Clarkson, Hood, and Nance Jr were all clearly better players before coming to CLE. Love put up bigger stats with Minny, but the team was also horrible so of course his numbers were going to take a hit. Korver has had some success, but I think it's because his role as a catch and shoot 3-point shooter is perfect in a Lebron system.
It's not that Lebron can't control a game - clearly he can - but unless you're a player with the ultimate confidence (see JR Smith), you can never really have success on a Lebron team if any part of your game depends on making moves with the ball - you just won't ever have that opportunity. He'll trust a player like Kyrie to take over part of the game, but everybody else just walks around on eggshells wondering when the time will come that he will yell at them.