TL;DR: NO, you can't use the underdamped settling time formula to find out the settling time of an overdamped system. And you can't use it for a critically damped system either.
LONG FORM answer follows...
Critically damped case
For the critically damped case (\$\zeta=1\$), the step response is:
$$
v_{out}(t) = H_0 u(t) \lbrack 1 - (1+\omega_0 t) e^{-\omega_0 t} \rbrack
$$
If we define the settling time \$T_s\$ using the same "within 2% of final response" criteria, then:
$$
0.02 = (1+\omega_0 T_s) e^{-\omega_0 T_s}\\
$$
Solving numerically for \$\omega_0 T_s\$ (by simply using Excel's solver) we obtain:
$$
T_s \approx \frac{5.8335}{\omega_0}
$$
Overdamped case
For the overdamped case (\$\zeta>1\$), the step response is:
$$
v_{out}(t) = H_0 u(t) \left[ 1 - \frac{s_2}{s_2-s_1}e^{s_1 t} - \frac{s_1}{s_1-s_2}e^{s_2 t} \right]
$$
where \$s_1, s_2\$ are the real roots of the transfer function denominator:
$$
s_1 = -\zeta \omega_0 + \omega_0 \sqrt{\zeta^2-1} \\
s_2 = -\zeta \omega_0 - \omega_0 \sqrt{\zeta^2-1}
$$
For convenience we define:
$$
\begin{align}
\Delta &= \frac{s_2-s_1}{2} = - \omega_0 \sqrt{\zeta^2-1} \\
\Sigma &= \frac{s_1+s_2}{2} = - \zeta \omega_0 \\
K &= \frac{\Sigma}{\Delta} = \frac{\zeta}{\sqrt{\zeta^2-1}}
\end{align}
$$
So that:
$$
\begin{align}
s_1 &= \Sigma-\Delta \\
s_2 &= \Sigma+\Delta
\end{align}
$$
If we define the settling time \$T_s\$ using the same "within 2% of final response" criteria, then:
$$
\begin{align}
0.02 &= \frac{s_2}{s_2-s_1} e^{s_1 T_s} + \frac{s_1}{s_1-s_2} e^{s_2 T_s} = \\
&= \frac{\Sigma + \Delta}{2 \Delta} e^{(\Sigma - \Delta) T_s} - \frac{\Sigma - \Delta}{2 \Delta} e^{(\Sigma + \Delta) T_s} = \\
&= \frac{e^{\Sigma T_s}}{\Delta} \left[ \frac{\Sigma+\Delta}{2} e^{-\Delta T_s} - \frac{\Sigma-\Delta}{2} e^{\Delta T_s} \right] = \\
&= \frac{e^{\Sigma T_s}}{\Delta} \left[ \frac{\Delta}{2} \left( e^{\Delta T_s} + e^{-\Delta T_s} \right) - \frac{\Sigma}{2} \left( e^{\Delta T_s} - e^{-\Delta T_s} \right) \right] = \\
&= \frac{e^{\Sigma T_s}}{\Delta} \left[ \Delta \cosh{(\Delta T_s)} - \Sigma \sinh{(\Delta T_s)} \right] = \\
&= e^{K \Delta T_s} \left[ \cosh{(\Delta T_s)} - K \sinh{(\Delta T_s)} \right] = \\
&= e^{-K |\Delta| T_s} \left[ \cosh{(-|\Delta| T_s)} - K \sinh{(-|\Delta| T_s)} \right]
\end{align}
$$
And finally:
$$
0.02 = e^{-K |\Delta| T_s} \left[ \cosh{(|\Delta| T_s)} + K \sinh{(|\Delta| T_s)} \right] \\
$$
Now that we have rewritten the expression in term of \$ |\Delta| T_s\$ and \$K\$ (instead of in terms of \$s_1\$ and \$s_2\$), we can numerically solve for \$ |\Delta| T_s\$, (by simply using Excel's solver) for any arbitrary given \$\zeta>1\$.
Example 1: a moderately overdamped system with \$\zeta = 1.1\$. Thus \$K = \frac{1.1}{1.1^2-1} \approx 2.4\$, and then solving numerically:
$$
T_s \approx \frac{3.172}{|\Delta|} = \frac{3.172}{\omega_0 \sqrt{1.1^2-1}} \approx \frac{6.922}{\omega_0}
$$
Example 2: a heavily overdamped system with \$\zeta = 5\$. Thus \$K = \frac{5}{\sqrt{24}} \approx 1.0206\$, and then solving numerically:
$$
T_s \approx \frac{190.21}{|\Delta|} = \frac{190.21}{\omega_0 \sqrt{24}} \approx \frac{38.827}{\omega_0}
$$
There is also an approximation for heavily overdamped (\$\zeta \gg 1\$) systems based on the dominant pole:
$$
v_{out}(t) \approx H_0 u(t) \left[ 1 - e^{s_1 t} \right]
$$
If we define the settling time \$T_s\$ using the same "within 2% of final response" criteria, then:
$$
0.02 \approx e^{s_1 T_s}
$$
and:
$$
T_s \approx \frac{\ln(0.02)}{s_1} = \frac{-\ln(0.02)}{\omega_0 (\zeta-\sqrt{\zeta^2-1})}
$$
We can compare this approximation with the exact results that we have derived before.
For \$\zeta = 5\$:
$$
T_s \approx \frac{38.725}{\omega_0}
$$
An estimation error just about -0.25%. Quite good indeed.
For \$\zeta = 1.1\$:
$$
T_s \approx \frac{6.096}{\omega_0}
$$
An estimation error of approx -12%. Not bad taking into account that \$\zeta = 1.1\$ is just marginally above the critically damped case!.
Bonus
We can write a generic settling time expression for \$\zeta>1\$ as follows
$$
T_s = \frac{\psi}{\omega_0}
$$
where \$\psi\$ is a coefficient roughly proportional to the damping factor \$\zeta\$.
I've numerically calculated the value of \$\psi\$ for a range of \$1<\zeta<9\$ using the expression previously derived for settling within 2% of the final value,
$$
0.02 = e^{-K |\Delta| T_s} \left[ \cosh{(|\Delta| T_s)} + K \sinh{(|\Delta| T_s)} \right]
$$
Then I've calculated (for comparison purposes) 1) the dominant pole approximation, 2) a 3rd order polynomial regression on my numerically calculated dataset, and 3), 4) the relative error due to these two approximations.
Here is an Excel plot with the results:
Best Answer
I'm not going to compute everything you requested but I'll show you the way:
A second order system has a transfer function in the following form:
$$ T(s)=\frac{C(s)}{R(s)}=\frac{\omega_n^2}{s^2+(2\zeta \omega_n)s+\omega_n^2} $$
where \$C(s)\$ and \$R(s)\$ are output and input, respectively.
For a unit step input i.e. \$R(s)=1/s\$, the output will be:
$$ C(s)=\frac{1}{s} \cdot \frac{\omega_n^2}{s^2+(2\zeta \omega_n)s+\omega_n^2} $$
You'll need to take the inverse Laplace transform of the expression above, and you'll get:
$$ c(t)=1-\frac{e^{-\zeta\omega_n\ t}}{\sqrt{1-\zeta^2}} \ \sin\Bigg(\omega_n \sqrt{1-\zeta^2}\ t+\tan^{-1}\Big(\frac{\sqrt{1-\zeta^2}}{\zeta}\Big)\Bigg) $$
For the sake of simplicity and readability, we can make the following replacements and re-write the expression:
$$ \tan^{-1}\Big(\frac{\sqrt{1-\zeta^2}}{\zeta}\Big)=\phi \\ \omega_n\sqrt{1-\zeta^2}=\omega_d \\ \Rightarrow c(t)=1-\frac{e^{-\zeta\omega_n\ t}}{\sqrt{1-\zeta^2}} \ \sin(\omega_d \ t+\phi) $$
The rest is simple: Make calculations for the following conditions:
\$\zeta=0\$ i.e. oscillation is out of scope here
EDIT: \$\zeta=1\$ is a special condition because the denominator of the second term of \$c(t)\$ goes to infinity. So we should calculate for \$\zeta\rightarrow 1\$ instead (Hello there infinitesimal calculus!):
$$ \lim_{\zeta\rightarrow 1} c(t) = \lim_{\zeta\rightarrow 1} \Bigg(1-\frac{e^{-\zeta\omega_n\ t}}{\sqrt{1-\zeta^2}} \ \sin(\omega_d \ t+\phi)\Bigg)=1-e^{-\omega_n \ t} (1+\omega_n \ t) $$