LMAO - No. Pele is/was not overrated. Success is comparative: Of course he wouldn't score 1000 goals in the modern game - he was (one of) the best player(s) of his generation and one of the best players the world has ever seen.
Agree with Lee that the Brazilian League was of a better quality in the 70s than it is now and most of the BRA international squad played in Brazil during their dominant period over the 60s/70s, which suggests it really can't have been that bad..
You mention his arrogance but all the best players in the world are arrogant:
You mention Maradona, but he said this about Pelé: "Pelé won by forfeit. I won the people's vote." < Is that not arrogance defined? He also claimed Pelé had a gay affair with a coach at Santos.
Why should Maradona, who was found guilty of taking drugs and served a 15 month ban and cheated his country into World Cup semi-final take all the plaudits? Of course he was a brilliant player but he also had serious issues that, for me, tarnish his impact as someone you (OP) claim is "the best ever".
He scored lots of goals in the Brazilian Leagues, he also scored 77 goals in just 92 international appearances. Maradona scored less than 40 in 91 apps.
Excellent (Hilarious) article by the Guardian, collection of quotes from Pele and Maradona:
Pelé and Diego Maradona: Happy birthday to the best | Football | The Observer