I love the new power of the overlay system and think that should be readily available in overlays menu where it is now. I’ve seen a document on developer.blender.org that says the developers are considering moving all of these overlay options to the user preferences and only having presets available in the overlays menu.
I think this would be a mistake. I feel like users are going to want to be able to make minor changes to overlays often enough that the options should always be available. Therefore I don’t like the that idea.
It would be nice to still have a presets system. Maybe this could be similar to the new Q menu. Maybe you rightclick in the overlays popup and choose “add to quick views” or something similar. This could go on the z key. Even better would be to put the presets into a pie menu that pops up with z+drag where z still toggles x-ray mode.