There is a lot of discussion going on with unclear content:
Of course you can land the thing overweight, as you can damp part of the fuel and land later. It all depends on the situation.
If you have a compressor stall there is no hurry to land. You save the engine (reduce or cut it off). In this scenario you are under no time pressure, you go circle somewhere, handle the engine, dump fuel, prepare to land and do it so.
If you have more than a compressor stall, some fancy red warnings, even problems with the other engine (bird strikes?) you have some red ASAPs on your screens and hurry to land. There you might want to land a bit quicker, and if you are in doubt of your landing performance (flaps struck too?, hydraulic problems?) you might want to be a bit lighter than you are presently. So hitting the emergency dump switch might be a great idea, even if you are 500ft to the ground or overflying a kindergarden. Depends on your actual performance. If your V/S shows less than zero, you come to the conclusion very soon.
What these DL guys here mixed probably are these two scenarios. Because eighter you are in a hurry or you are not. Like their wives are also not partly pregnant. They eighter are or they are not. So eighter you declare a full emergency, dump fuel and rush to the ILS, or you take your time, solve all problems, have a chat with maintenance department and dispatch office, explain the passengers and do a comfortable approach where you think is best.
All other discussion is useless and creates confusion.
Dani