To throw a spanner in the light goes out scenario:
If the overheat detection was due to a fire on the wheel assembly, when it is lowered the heat source is removed from the detection loop, thus extinguishes, but will the fire be out on the extended undercarriage?
Answer to OP: return to land ASAP as fire/overheat situation may not be resolved, leave cabin crew in seats, position to 10nm final should give ample time for all checks to be completed and company models to be satisfied