 Here is a rattle can rebuild. Ever seen one? Masking tape is optional. No wrenches are needed.... J/K I cribbed this pic off of ebay. It was not described as rebuilt, just a poor paint job... Overhaul is a general term that is used quite liberally. Other terms such as restore, rebuild, remodel, etc are used much in the same fashion. You really have to get down to what work was actually done.
Overhaul can simply mean to re-ring or a full-on complete comprehensive rebuild. You can search on this site and find engine kits that do not require the engine to be removed, although it is rather hard to get your crank ground or to replace the rear main seal this way. Some kits completely renew the bottom end but supply no parts for reconditioning of the head. My G176 kit came with bearings, seals, sleeves, pistons, rings, pins, oil pump, valves, springs, keepers, gaskets, carb kit, points set, belt, and governor bushing. I supplied the water pump. The engine shop also replaced my front cam bearing when the sleeves were being pressed. It did not come in the kit. The term is also relative due to who did the work. A comprehensive rebuild from a shoddy mechanic could leave you worse off than where you are now. HTH Aaron
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