Depends on the weather, obviously
Mind you, there are pilots who fly "VFR" in OVC004; mostly below the cloud...
If you are going to be doing things properly, OVC002-004 is purely ILS weather. OVC005-OVC010 is nonprecision approach (e.g. VOR/DME) weather, and OVC010+ is VFR weather if your navigation is spot on (i.e. with GPS).
Of course, the whole concept of "MSA" is down the drain if your navigation is imperfect
Proper IFR (ILS down to 200ft) is not hard if you have a good plane, a good autopilot, and good tech knowledge of procedures etc.