8 Overdeities- ...
32 Greater deities...
About 20 racial deities...
First, you have too many Overdeities. They don't even exist in most D&D worlds, and in ones where they do there is only one of them (Krynn might possibly have two).
You want those 8 to be Greater Deities. For the remaining 50+, you can just make them all Lesser Deities (or maybe leave a few as Greater Deities).
Now, as to the general concept...
You can't have too many unless you have more than you want. There is no objective standard of too-maniness here. What I would suggest, however, is to determine what role they will play in your world, and how you want the finished product to look.
A friend of mine has a world with basically one deity for each of the alignment axes, and then another one or two I think, because he doesn't want to mess with more. I have a more in-depth one for my main world because I like the detail.
Some people will tell you not to make more than your players will need. Hogwash. Make as many as you want. Just decide how much you
care if your players know about it. Most players aren't very interested in reading all of our world-creation materials, but that doesn't mean they are a waste if having it enhances your experience as a world-builder and DM.
So for my world, for instance, I use all the non-human pantheons from official D&D sources for the non-humans. So I only have to make human pantheons. If you aren't familiar with the non-human pantheons that have been published, pick up some of the newer 5e books (Volo's Guide and Mordenkainen's Tome) or head over to DMsguild and grab some classics like
Monster Mythology. No need to reinvent the wheel unless you want to.
The results that I wanted were a medieval feeling orderly church, contrasted with a more organic and chaotic collection of deities with more of Celtic feel. At the same time, I wasn't interested in having two completely unrelated pantheons, so I made two pantheons but made them related.
First, you have the Empyrean Powers. These guys basically all work together to support a functioning society. They each do something different. For instance, if you go to church, you go to the church of Illustrien, the NG god of hope and deliverance. If you are part of the nobility, you can skip attendance there and go to "noble only" meetings at the cathedrals of Pallatros, the LN god of law and civilization, but for everyone else it's Illustrien. There is a god whose priests train paladins and serve as military chaplains, one whose monks live at monasteries and gather knowledge, another one with particularly ascetic monks who focus on death and the afterlife, one whose priests officiate at celebrations and give life counseling to people, one whose priestesses run hospitals and orphanages, and one who inspires solitary mystics. These are distributed in a somewhat balanced way amongst the non-evil alignments, and they cover most of the domains. Then there are three evil ones, one of each alignment. They are enemies of the others, but got let into the pantheon before the world got created, because they convinced the others that at least they would know where to look and who to blame when things went wrong (basically).
Second, you have the Powers of the Aerth. This is the younger batch, and they look much more like a typical historical pantheon (or at least, a D&Dized version of such). They lack the "planned" looking nature of the Empyrean Powers, but cover most of the bases, with some internal overlap and such. In socities where the Power of the Aerth are dominant, the primary priests are druids, who are devoted to the pantheon in general. In a location or community where a cleric of any of the other the specific deities are present, their clerics take over handling things that relate to their deities, and the druids get more free time.
Then, to explain how these pantheons are actually related, you have the Primal Powers. These include a Father and Mother, as well as a Great Dragon that carries the world in its claws (that's literally true, 'cause why not?), and finally a sort of cosmic boogeyman that probably spends most of its time stuck in the Far Realm and wants to basically destroy everything. The priests of these deities (the boogeyman doesn't have any) tend to be more distant and have unusual functions compared to the others. Both people who follow the Empyrean Powers and people who follow the Powers of the Aerth recognize the Primal Powers as part of their pantheon. There also a few other interesting connections. Those who follow the Powers of the Aerth claim the deities of Life (the ones with those hospital priestesses) and Death (those ascetic monks) as their own, and have their own priesthoods devoted to them. Those who follow the Empyrean Powers honor the goddess of valor and chivalry (who is actually a Power of the Aerth), whose husband is that Empyrean Power whose priests train paladins and serve as chaplains.
How people see these pantheons and the interactions between them varies drastically by their culture. In some cultures, one pantheon is revered and the other is shunned, and people believe the pantheons are in conflict. On the other end of the spectrum, in some cultures they are seen as a single united pantheon. And it isn't terribly uncommon for an area to follow the Empyrean Powers, and then add in a couple favorites from the Powers of the Aerth (the opposite is less likely). In areas that favor the Powers of the Aerth, the people may not take an active interest in all of them. They might have a few local favorites, with the rest more or less being on a list the druids know.
I created all of that (although I haven't actually gotten around to creating the Powers of the Aerth yet...it's quite a bit of work) to evoke the specific feel and themes that I want there to be in the world's society, as well as to give options for clerics to select various domains. Most of the gods have only a single domain that their clerics have access to. When one has more than one domain, they represent distinct orders of priesthood. For instance, Illustrien has one order whose followers tend to be the ones who man the churches and see to people's needs, and another who strap on armor and go fight against the creatures of the night like undead and lycanthropes, and root out dark magic.
Now I just have to figure out fun ways to show more of this stuff to my players next time we get back to my world (we plane-hop).
