Overrated: I think Marx, more than anyone else. He is important, of course, but in academia at least he is treated with an almost sickening amount of reverence. Same goes for Foucault, who again is important but way too overrated by scholars of political philosophy.
Underrated: He's been ranked as overrated, but I think Burke usually gets the rough end of the stick when it comes to discussions of political philosophy. Generally, I have found he is at best treated as an unserious simpleton, and at worst a manipulative opportunist. He was shades of both, from time to time, but it doesn't warrant the hostility towards him outside of the conservative intellectual tradition. He's unarguably been as influential as Foucault in actual politics, but gets much less academic study. I think lack of serious academic discussion of conservatism is a growing problem.
Underrated: George P. Grant seems mostly forgotten today outside lefty Catholic/Anglican circles, which is a real shame because his arguments for "paternalistic" conservatism are some of the best defenses of that particular political tradition out there, and are often far more compelling than defenses of trendier conservative currents like three-legged-stool fusionism or muh right-wing #populism .
I, personally, am fascinated by George P. Grant and am quite the fan. It's a shame he has largely been neglected, but his brand of Toryism actually had an immense influence on me. In the same vein, John Farthing is interesting, though I wouldn't say he is underrated like Grant is. "Red Toryism" in general is somewhat forgotten now, regrettably.