Minimalist footwear is generally better for overpronators. The raised heel of conventional shoes encourages excessive pronation by shifting more weight to the forefoot.. whereas with minimalist shoes it's distributed more evenly across the foot. But i would transition to the Vibrams very slowly to avoid more orthopedic issues. I made a post on how to transition properly here: http://www.freewebs.com/fitbest/minimalfoo
If your feet overpronate and you have IT band syndrome, your peroneal and adductor muscles are probably tight and need frequent stretching. Instructions on how to do this are on Youtube. That should help reduce both the overpronation & IT band issues.
Personally i run in a pair of water socks, which are much like Vibrams but only $5.