Well, for one thing, I've always been told/heard that turning the steering against the "locks" (extreme travel in either direction) is not a good thing, it puts a lot of pressure on the steering components.
I've overfilled a pump before, don't see how it could hurt unless the fluid somehow froths up and the pump is trying to push bubbles of air. I don't believe you need to worry about windage on these though, I've never seen power steering fluid (or Dexron used in a pinch) froth in a pump. The caps aren't a "tight" fit, they will easily spill/"vent" anything it needs to.
I'm interested to know how these things actually push fluid. Is it a vane pump like later auto trans pumps, or is it a gerotor setup like the engine oil pump? One thing I've not torn into is the power steering pump.