The plan on Smackdown, had they kept her, was to turn her face and have her feud with Carmella. Obviously that didn't happen but it does seem likely to be her future.
I would say that yes, at this point she may be overpushed. Unfortunately there aren't many credible heels on the Raw brand, especially not with her charisma. Emma needed to come back on a more part time schedule to ensure no future injuries and she simply doesn't have the momentum. Meanwhile Banks is in an incredibly difficult situation. Everyone is so desperate for a heel turn that, when she alluded to it after Wrestlemania the fans cheered it.
It wouldn't be a heel turn if the fans were solidly behind her, it would simply turn any face she was feuding with heel, I.E. Bayley. We'd essentially have Dolph Ziggler "we cheer his heel turn because WWE knew we were right all along and they were wrong" syndrome.
Alexa vs Paige has been in the pipeline for a while now but Paige has simply been continually unavailable. After Bliss loses the belt she'll be out of the title picture for a little while putting over other faces (Mickie, Brooke et cetera) because she's a character that can lose without losing momentum. She's on Total Divas now so her push will continue but as a top drawer star rather than as a wrestler.
By the end of this year I expect her to be bigger than the horsewomen.