If you under stabilize a bullet it will become unstable and tumble. We all know that. If you over stabilize a bullet it does have an affect but not until long range. There was a long article done on this in the FCSA VHP magazine. Let's say you are shooting at 1000 yards. With a bullet properly stabilized the centerline of the bullet would stay in the line of travel along the arc. Bullet nose pointing up as the bullet goes above the line of sight, then pointing down as the bullet falls back toward earth (target). In an over stabilized bullet the bullet nose would be pointing up even though the bullet itself was traveling down. The impact on paper would look like a keyhole or slight keyhole, depending on the angle of the bullet impacting the target. This is really hard to type out and I cannot do drawings. The best way I can describe it is you know that if you are shooting at very long range, you are shooting so the bullet is traveling up above the line of sight. So as the bullet arcs up its nose is pointed up. At the top of the arc where it flattens out a little, in a normal stabilized bullet the point of the bullet would flatten out the same as the arc, and as the arc started down the bullet point would start pointing down also. In the over stabilized bullet the bullet tip continues to point up instead of down but it does not tumble.
I hope I have not botched up the explanation too much but if you can find an index of back issues of VHP and find the article they do a lot better job of describing it and they have pictures.