I got the same impression about having only one Overloaded library.
Anyway, I think the mikmod library is part of the application, not Overloaded, so modifying it won't require any changes to Overloaded.
This might not be the case, though, if I looked at the project files I could figure it out. Unfortunately, I don't have them at the moment.
In either case, as long as you link with the modded mikmod (no pun intended) before Overloaded, eVC should use your version of the MikMod code instead of EasyCE's. On the other hand, I could be wrong, and you might get so many link errors your computer would explode

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Most people don't know that "A highly technical term" is actually a highly technical term used to describe something that doesn't mean anything