Frankly, I expect this debate to turn explosive, given the kind of names that come up.
Most England ODI players could have played a little more, but they played very little ODI cricket until the mid-2000's. Unfortunately, they all start at a late age, and then run out of steam while playing in the national team, so it's difficult to tell whether they were overplayed or could have played more.
For India, I would say Kapil Dev and some spinners were the most overplayed, but Kaps was definitely the best all-rounder the country produced and was still in action, so it was understandable. Srinath could have played more, so could Raju Kulkarni but the idea of playing three spinners or maybe two (with an extra batsman) had left him on the bench very often. Kuruvilla had everything you needed in a fast bowler, but got called up too late and still was often sidelined for the likes of David Johnson, Prashant Vaidya and Dodda Ganesh, and of course, the token extra spinner at home. From the current generation Zaheer, JP Yadav and Bangar could have played a little more, while Agarkar is definitely overplayed.
New Zealand may have had one overplayed strike bowler for each generation– either Hadlee, or Cairns, then Bond, now Vettori.