It is a B (therefore allowed @ L8) if it comes from a flat swing (not a handstand) and does not reach a handstand when the gymnast puts her hands on the low bar.
As far as I can tell, a shoot-over is considered the same thing as a bail, and if it doesn't go to handstand, it is a B skill and is allowed at level 8. If she goes to handstand, it is a C (I believe) and she will recieve no credit for it as Cs are not allowed at level 8, except for dance and other exceptions.
I also just finished level 7 and am training for level 8. My coach has had me working overshoots also. I have been doing them from the low bar to a handstand on the floor, and will do them on the uneven bars pretty soon. But yes, It is a B if it does not hit a handstand and she can do it. If it hits the handstand, it is considered a C and she will receive no credit for the skill, if I am remembering all of this correctly!
My gymmie competed the bail/shootover whatever as a L8. Her bar routine really stood out since not many L8s do that skill. It has set her up nicely for the move to L9 since she already has 1 of the 2 release skills required for L9 bars.
She did actually do one in a meet that the judges said hit a handstand(her coaches felt it was close, but...) and yes she got nailed on her score. Actually she lauged it off because a couple of other coaches congratulated her on such a nice bail to hs and said they couldn't wait to see her compete L9.