Doesextracting 1 bicuspid tooth (premolar) for an overbite cause negative effects?

Depends: tooth removal generates room to move teeth into orthodontically, but this case needs to be evaluated by a trained clinician to justify the removal

UnilateralExtraction: Unfortunately, the unilateral extraction of a bicuspid may cause mid-line shift during space closure. Therefore, premolars are normally extracted bilaterally.

Sorry, cannot provide a diagnosis in this forum as cannot do examination, x-rays, space analysis, etc. See a fully qualified Orthodontic Specialist to evaluate extent off your malocclusion and appropriate treatment options. Initial Orthodontic Examination is usually complimentary.