I think that deflation is overhyped.
Wow, I've never heard anybody suggest this. Deflation is almost never discussed; it's hard to consider it "overhyped" when nobody thinks about it at all.
There's a reason nobody cares about it these days: deflation simply isn't a problem with government-issued fiat currency. If there's not enough currency in circulation, just print more, problem solved. There are many problems that you can't solve by simply printing more money (or, more accurately, problems of which if you try to solve them by printing more money you create worse difficulties), but deflation is the one case where it works, and as a result, deflation just doesn't happen any more.
I'm afraid the rest of your comments don't address money supply, so they're not really relevant to a discussion of inflation and deflation. Remember, currency is not value in and of itself. It is a medium of exchange. If there's too much currency, the currency loses value, and it becomes useless as a medium of exchange: that's inflation (and, in its worst form, hyperinflation. If there's too little currency, however, the currency becomes overvalued, and stops flowing because people hold it rather than spend it. That only happens in a system in which currency can't be added to the system, but if you have such a system, it fails.