So, unless you call a ~6-7% hit (for a 320x224/240x16bpp 60 Hz) to bus time "massive overhead", that's not a problem. (how do you think the jaguar manages to scan the framebuffer from shared DRAM . . . actually it can scan multiple framebuffers and composite them via the object processor -treating them as separate "sprite" objects, but for a simple single frame buffer scanning for a 320x224x16-bit 60 Hz display, it would be about 8% of the bus time)
Efficient, heavily buffered, serial bus sharing is the way to maximize bandwidth on a shared FPM DRAM bus. (the PSX had a MUCH easier time of it than the jaguar given the multiple buses and inclusion of caches in addition to line buffers -the 1996 Jaguar II added more extensive buffering for many more operations as well as actual caching -the N64 undoubtedly has extremely heavy caching and buffering to make use of its narrow, high-latency, VERY high page-change penalty, but very high peak bandwidth bus -the PS2 does that too with 16-bit RDRAM with massive penalties if you use the system "wrong")
Pretty much all graphics hardware since then has made use of single buses, though some used special RAM to assist things too (VRAM mainly just cuts out the framebuffer scanning overhead, so not that significant in the long run, multi-bank RAM was rather interesting, SGRAM's dual page holding ability was cheaper than VRAM and considerably more useful -better than multi-bank RAM in some respects, but in the end, most opted for plain FPM/EDO/SDR/DDR/etc with increasingly wide buses and increasingly heavy buffering)