I think it's important to distinguish between overexposure and overdevelopment here. Overexposure without overdevelopment generally results in rather dense negatives, but the additional density can generally be 'printed through' and a higher paper grade can be used to boost the contrast if the print turns out a little flat otherwise. Overexposure tends to push the brightest highlights onto the shoulder of the film curve, resulting in flattening out of contrast in that part of the tonal scale. I don't think there's a way to repair this in the negative itself. Burning those areas at a higher contrast grade will help. Overexposed negatives tend to print more grainy than normally exposed ones. This may be a concern at big enlargements.
Overdevelopment stretches the tonal scale of the negative and can result in excessive contrast that cannot be printed well at even a low paper grade (1 or 0). In such cases, it can help to reduce the negative; the most straightforward options are Farmer's reducer or ferricyanide bleach followed by fixing. The net result is the same, but the process is a little different. Farmer's reducer is basically ferricyanide plus thiosulfate; this single bath will reduce silver density without any additional steps. The density loss is also irreversible; there's no way back if you overdo it. A separate bleach step followed by fixing offers more control at the expense of an additional step. Besides, judging the final density after the bleach step may be challenging. Still, if you overdo the bleach, you can go back by redeveloping the negative instead of fixing it, and then try the process again, perhaps with a more dilute bleach.
Personally, I've never really experienced the need or desire to reduce negatives (at least not in their entirity; I do on occasion retouch small bits to remove unwanted objects from a black background for instance). In my experience, in almost all cases, a satisfactory (albeit not necessarily, optimal) print can be made from a negative that's overexposed and/or overdeveloped.