I'm about to hire someone who is overqualified for the position. She is an internal candidate who I know and we had several very frank discussions about what I could and could not do for her.
My advice would be to very directly address the "mismatch" in your application materials (e.g., cover letter) instead of pretending it's not an issue. It is a concern - the first thought is you can't find anything else and are willing to slum it until you find something better. It's also very uncomfortable from the employer side to make an offer that's much lower than their current/recent salary. Having a direct conversation about all of the issues will help if you get an interview.
Common mistakes I see: overqualified candidates are often not careful about curating their resumes. They may not even attempt to edit their job descriptions to highlight transferable/relevant skills because their main duties were so much more advanced (at least in their opinions) that OF COURSE they can do the "lesser" tasks needed for the position. They might not bother to fill out all the fields in the application system or bother with a cover letter, relying on their impressive resume to make their case. During the interviews they focus on the angles that got them their previous roles without thinking through what is or isn't applicable to the job they're applying for now. Then they think the reason they were turned down is because they were overqualified instead of that they were arrogant and disrespectful and I can't see them getting along with the rest of my team.
My current candidate really put in the effort to acknowledge all of the potential issues while making it clear that this is not a temporary filler, but a genuine interest in moving in a different direction. It helps that my team already knew she was friendly and easy to work with.
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