With James Bond, I'm not sure if there is a "correct way" to do a Bond movie. Bond fans may well be the most fickle group there ever are, people seem to have their own interpretation of what James Bond should be. In other franchises, there is a general consensus of what the really good or great flicks are within that particular franchise. With James Bond, really never. There is no Wrath of Khan, Raiders of the Lost Ark, Empire Strikes Back, original Die Hard or original Superman within the James Bond franchise that most people think is the best. People may say "oh well, uhhh Connery's movies". Yeah well which Connery movie? And honestly when was the last time most folks sat and watched an entire Sean Connery Bond flick? I realize that Goldfinger introduced a lot of iconic Bond elements to the franchise back in the 1960s, but I thought the movie was boring as hell, and that song, "Gooold--feeenguur", I thought it was bad as in bad. Not so bad it's good, but just bad.
One man's trophy Bond is another's pile of shit Bond that should have never been made. Some people say it's not Bond if it doesn't have Q, Moneypenny, gadgets and funny one liners....others think that's just too cheesy. Some want over the top villains, while others feel that any darker, meaner Bond (Timothy Dalton, Daniel Craig) is automatically "Fleming's Bond". Just make a damn good movie, if there's a British spy in the flick named James Bond aka 007, answers to someone named M and has the famous Bond theme in it somewhere in the film, then screw it...it's a James Bond movie IMO.
Oh to answer the original question, I thought Tommorrow Never Dies the most overrated Bond on the list. I saw it in the theaters in 1997 and found it dull, Teri Hatcher was also irritating as hell. There is good reason for me to give it the "overrated" status, I distinctly remember both Roger Ebert and the late Gene Siskel giving TND "two thumbs up" as they were impressed with media controlling villain of the film, I saw it on their recommendation and remember being hugely dissapointed.