I don't know if his recruiting was overrated. It doesn't matter how good you recruit if you can't actually develop talent, and Butch had serious problems with that.
When Nebraska had their run of national championships in the 1990s, these were their recruiting class rankings:
Thanks to John Talman of Rivals.com, we can get a good read on how analysts regarded Osborne's recruiting classes in the early 1990s the classes that ultimately helped produce three national championships.
The class of 1990 was ranked 10th by SuperPrep, but only 34th by the National Recruiting Advisor and 41st by Tom Lemming. The class of 1991 was ranked 28th by SuperPrep. However, Osborne did have a top-10 class in 1992 (Tommie Frazier, Toby Wright, Mike Minter, Chris Dishman, et al) it was ranked fifth by Max Emfinger and 10th by Tom Lemming.
The 1993 class was ranked 18th by SuperPrep, and the 1994 group 22nd by Lemming and 20th by SuperPrep.
(Got that out of an article in the Lincoln newspaper:
Steven M. Sipple: Osborne weighs in on Husker recruiting | Sipple | journalstar.com)
Obviously, you can't count on coaching up players like Tom Osborne did, but we shouldn't need to. Just getting good players and getting them to play to their potential, which is something that Butch never did, would be enough.