All four of my bikes have toe overlap. It has to do with frame geometry and shoe size. I have relatively big feet. I've never been inconvenienced by this in normal riding, and only on my fixie does it cause trouble during zero speed, tight radius turns.
Verdict: not an issue.
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Cat 2 Track, Cat 3 Road.
"If you’re new enough [to racing] that you would ask such question, then i would hazard a guess that if you just made up a workout that sounded hard to do, and did it, you’d probably get faster." --
the tiniest sprinter