I recently did a few shots with figure-8 for the first time in almost a year, and had no problems. Then again, it's always been my dedicated distance technique, so I can't speak for my accuracy with it. (Except that I'm conditioned to release far too early to hit anything that walks the earth with a flat trajectory, lol.)
If anything, overhand is less stressful on the body than sidearm throws. If I push it with a Heli, Greek, or Byzantine, I end up feeling it in my elbow for several days. I don't recall any such problems with overhand releases. If you think about it, pro athletes use throwing methods 80-90% similar to the Figure-8 all the time, and apparently without much in the way of problems. (Last I checked, pitchers actively avoid and discourage sidearm throws.)
I just don't use it much anymore because it thrashes my release cords too easily