Yes - OverlayEditor is ideal for editing scenery packages and creating exclusion zones, etc. It's got a very good GUI and offers rotatable 3D perspectives. However, WED is designed for a more in-depth creative/edit experience (it does have a pretty steep learning curve - although, when you've got the hang of it, the program is awesome). If you're stuck when using WED, there are a number of excellent tutorials, waltkthroughs and FAQs, especially on YouTube or on the X-Plane.org forums.
Just a quick note on how scenery is displayed: When creating or editing a scenery package or an exclusion zone (forests, roads, objects, etc.), be sure that after you save it in the Custom Scenery folder it sits above any OSM/Mesh/Airport files in the scenery.ini file list (also located in the Custom Scenery folder, and easily editable in Notepad). This vitally important file tells the sim which load order the scenery is generated on startup - so Mesh files need to go to the bottom, then photoscenery, OSM files and finally airport scenery at the top. Library files can go anywhere in the list, though.
In my experience I have found that it's also important to put the Global Airports file as the last airport scenery file in the list, as it may load buildings over the top of other airports. Designers tend to put exclusion zones in their packages, so keeping them above the Global Airports file will make sure their scenery looks as it should.