I've done it, it works, colour on actual E-6 films become much poorer a few years later using C-41 as a colour developer when I checked (about 2 iirc) - even with formaldehyde stabilisation at time of processing.
The colour yield is good, it is poor when development is unsuitable, I can get great colour on either E-6 films or CD-4 films using CD-3, CD-4 and CD-2 based developers I've mixed, it can take some work to get there, but it's doable. I've gotten great colour out of C-41 films developed in Rodinal, and rehal processed for a colour negative with a green base using E-6 colour developer.
Stability is a different issue, C-41 films seem to fare better in that regard with the wrong agent, then E-6 films do, from what I could tell anyway.
Iirc, it took Xtol 1+1 I think it was 1+1 anyway about 40 minutes at 40 celsius to work, otherwise the slides were too dark (as in black), the solvency simply isn't strong enough to clear the highlights and requires massive development to hit full dMax in highlights to reverse it.
You otherwise would take sodium or potassium thiocyanate and add it to a developer (about ~1g/L) would be good), or sodium thiosulphate (about 10-15g/L) would be good. This will allow you to use more normal times and temperatures.
I would use Rodinal 1+25 or 1+50, that seems to work well across the different layers from various experiments with colour film.
All this isn't a substitute for regular colour processing, but good in it's own right.
Oh and is it possible to over-expose during second exposure? Can I just hang the film to dry in a room that isn't dark and let it stay there overnight?
No, not unless you print out the silver, would require to leave it out in harsh sun for a significant amount of time. Leaving it in an enclosed room over night would be fine. You don't need to let it dry before loading it again to continue process.
You could also use a reversal bath. They're pretty cheap, and can also be made from simple common ingredients if it cannot be bought (Kodak stuff etc).