Redrawing the whole framebuffer is the canonical way in OpenGL. You can use Framebuffer Objects (FBO) to create several off-screen drawing surfaces, to which you render the individual layers. Then you composit the layers into a composite image presented on screen.
but only one changes from frame to frame. I want to avoid redraw of the entire overlay
Why? Figuring out what parts need redraw, masking them, do only a partial clear, updating it, etc. takes more time and effort than to simply redraw the whole text overlay.