Wouldn't make it overrated tbh.
Check any of the skill usage charts for any top GvG monthly game

you'll find GoLE there. So its not only for low skilled players ^_^
This, imo, is why its overrated in PvE. A skill or set of skills that work well in a PvP environment may not work as well (I say as well) in a PvE one. What you need to take to counter RL players and what AI will let you get away with are worlds apart. Therefor, your builds can be much more flexible.
GoLE is not a bad skill by any means, and monks should use it if it fits their bar (in the OPs case, it fits alright). But its way too easy to fall into the "its meta" trap and end up copying builds skill for skill from obs...which means you run something thats not comfortable for your playstyle, or effective in your area. Or (much worse, imho) you run something without understanding why its on your bar in the first place. There are several reasons why goLE sees play in GvG. Acting as an energy manager is only one of them.
I may get flamed for saying this but...GvG is not PvE. Not everything that is godly there, is godly here.
For the OP: ZB is...not the best choice unless you're solo backline with a small group. Its great in RA/TA/AB/4-man/6-man because you have general control over which way the red bars are falling. But if you have another monk (even a hero monk) I usually recommend WoH for healing and hybrid healing builds. If your other monk is a hero, I suggest giving them the WoH and you can handle SoD (they like to make red bars go up; you'll be better suited keeping them from going down). If running with friends, hybrid WoH is a solid choice for most pressure situations. If one of you takes PS and the other takes SB, you can handle just about all the pressure that gets past your tank.
Veil is also not my first choice for PvE. Remove Hex has better recycle, so I tend to bring that. If running an energy manager, I do tend to use Divine Spirit, so that I can fuel Deny Hexes. Last is Cure Hex for Hybrid healing builds, since I tend to have a 40/40 set lying around and it gets the proc. Pre-Veiling is the last thing I usually consider for PvE. The double cast time is very nice when the tank can use it well, but enchant strips are everywhere, cheap, and regularly used (HM particularly).
Backlines should have 1 hard rez for missions, and that rez should be Rebirth. But only one--one!--hard rez. The other monk, probably a hybrid WoH hero if you take my suggestions, can roll a full 8-skill bar and feel comfortable knowing that if things go to pot, you can get out of trouble through heavy self prots and get the team back up. On a forum, 2-monk backlines can handle everything thats thrown at them and laugh in the face of every mob/player/boss. In game, I tend to find most players like seeing Rebirth (aka "plan B") on the monk. I'm not saying that some people here have a tendency to exaggerate their skill level...I'm not saying that at all
A nice trick to use with GoLE and Rebirth is to swap to a low energy set, cast GoLE and spam off two Rebirths quick as you can. Thats two corpsepulls back to back. With proper energy spacment throughout your sets (wand/offhand; staff; emergency) you can get most of your team up and regenerating in a little over 30 seconds. Now, remind me here: how long is the recycle on GoLE?
Also: I have become less and less a fan of Dismiss. Sure its a good skill, but Mend Condition in a 2-monk backline is better, imo. It does what you need it to and heals when you need it to. Dismiss is a self heal that removes conditions. Its good at that, but its not so hot when keeping up against poison/blind/weakness spam or trying to clear off burning when faced with a couple of SF eles (when was the last time you saw one of those in serious PvP?). Take Dismiss when you split, for all--what--five missions/quests in the game where you might need to.
Lastly: I don't diss Superiors in PvE and kinda LoL at the players that do. I'm old school enough to remember one thing that was uber-pwnage that every other player seem to forget:ARMOR CAN BE SWAPPED

So its fine to run a Superior rune, but I recommend you keep it on your head and keep a minor rune on a backup headpiece. You never know when you'll want that extra 75 HP, but its nice to know you can have your cake and eat it too, neh?
GGs