Sure, set up a second track, select the same input.
Set up a record region for track 1 for the desired length
Set up a play region for track 1 at the end of the record region
Set up a record region for track 2 at the measure the track 1 record region ended
Now when the track 1 loop is done recording, it will play and the track 2 loop will begin recording simultaneously.
No overdubs per se, but instead you set up another track to run concurrent (similar to above) and record on a separate track while the previous loop plays along.