Overhang is the setting at which he stylus has the least error as it traverses the record.
Look closely at the diagram posted by dragan:
http://www.theanalogdept.com/2_pt_align.htm It shows what how overhang is measured.
Is your new AT cartridge a P-Mount as well? I am really not a big fan of P-Mount cartriges on standard mount tables. The adapter adds a lot of unneeded mass and makes alignment more difficult.
Don't worry about VTA. Your reference to Honda is a good one in this case. Hondas are we built, reliable, easy to drive and own and just all-around good. Nobody, however, expects a Honda to have the features or performance of a Ferrari. VTA adjustments are important on your high-end table; not so much on a Technics...(I misspelled it before and knew it didn't look right. Duh).
The tonearm balance, at the back of the arm, has a scale that rotates separately from the weight itself. To balance the arm (once the cartridge is mounted and aligned correctly) turn the rear part of the weight until the arm floats prallel to the platter. Once the arem is floating, turn the scale (but not the seight) so "0" is straight up. Then turn the whole weight assembly and scale past "1" to 2. Most AT's like a tracking weight of 1.5-2 and I prefer heavier. Any setting between 1.5 and 2 should be acceptable. Set the anti-skating to the same number to which you set your scale.
Chances are the arm is out of balance now. A poorly balanced arm will have much more ill effect than a slightly misaligned cartridge. Balancing the arm correctly should make a world of improvement.
The hum could be caused by many things. First, I'd check the tonearm wires and be sure they are going to the right fonnectors ad on solidly. Next, check the RCA connectors...see if wiggling them at either end while they are connected makes the hum better or worse. If it changes, the cords are bad. The RCA cables on those tables were about as cheap as possible and often are the cause of hum and problems. Also, silly question, but is the ground wire connected to the ground on your preamp? An ungrounded table will most certainly hum.
Failing that, you may just have to use the standard Hifi explanation of why a table hums---"it doesn't know the words."
Good luck with getting your vinyl on.