What I dislike about the OHJ in a low winged aircraft is that you're circling with your underbelly to traffic that may be arriving in the overhead from any direction
I don't see why you should be circling overhead arriving traffic. Surely the point is that if you arrive in the overhead at 2000' and start to descend dead side then all other arriving traffic should be above you? The key is not to circle in the overhead other than to position yourself for a descent dead side.
Sure, two aircraft may arive in the overhead at the same time from different directions but then radio should avoid that being a problem and one wont be below you. Is there any difference between that and one aircraft joining crosswind and another downwind at the same time? The key in all these situations is to know what other aircraft are doing.