Heck, No!
His lack of ability to tackle is overblown. Tell me the last time a missed tackle by Deion costed the Falcons, 49ers or Cowboys a game?
(I don't count his time with the Washington team or the Ravens because he was on his last leg by then.)
Deion is the last shutdown corner, and there won't be another like him in a long time. The term is used loosely nowadays. It has been applied to Darrelle Revis, but Revis wasn't in Deion's league.
Deion Sanders singlehandedly made corner a popular position. I've witnessed it first hand in the hood. Black kids playing skill positions formerly gravitated toward quarterback, running back, and wide receiver. Deion came on the scene, and kids suddenly wanted to play cornerback, including my son.
He was as dynamic at his position as LT and Reggie White were at theirs. And he had the talent to play wide receiver - not to mention he was one of the best special teams players ever.
Overrated? Pulease!