For the most part, value picks aren't overlooked players, but they are underrated. Average draft position might suggest a player you rank as a WR2 is being treated as a WR3. If you take advantage of those perception-related discounts while sticking to your rankings, it will limit the need to overdraft players.
You don't have to reach for a QB with someone like Philip Rivers available in the double-digit rounds. He's not a top-12 QB by current ADP, but he can play like one at a cheaper price. That is a value.
Chris Hogan is regularly drafted as a top-30 WR toward the top of the sixth round, so while you may take him as your WR3, his upside as the top WR in New England is easily within the top 20.