I've never understood this, why can't you just idle the engine and let it slow down?
Often the overspeed is caused by the airflow forcing the propeller to move faster. It's like braking on the engine while going down a steep hill, even without touching the gas pedal you may speed up and redline the engine. Very problematic if you already overheated your brakes in a 18 wheeler.
If you have a variable pitch prop you can feather it to reduce the effect of the airflow. Or just follow the procedures in the overspeed checklist for the aircraft.
Overspeed propeller is caused by a governor malfunction: instead of aligning itself so that it experiences a decent amount of torque to overcome, the blade pitch springs back to minimum pitch. A good pitch for take-off, but not at speed since there is no resistance anymore, in fact the prop can be back driven by the airflow in this scenario.