I think you need to understand what the word "overrated" means, because this film is anything but. A slow burn with a sucker punch ending! Love it.

You can’t spell because you’re mentally retarded

8.6 is the final rating for this movie. Your petition is denied.

How can you claim that the movie is overrated and then personally ask questions which have already been answered in the movie?

But wasn't that heist set up by verbal?
According to Verbal's story it was set up by MacManus' fence 'Redfoot'. In real life, we have no idea if it even happened. We also don't know if the other guys were even involved.
Verbal could easily have had other people do it for him.
But he specifically chose them. They either were the most competent criminals for the job or (as Verbal's fake story suggested about Soze) he had some beef with them and thought this was the perfect opportunity to settle the score and get rid of them. Or it was a combination of both.
What else was fabricated other than the names?
Almost anything could've been fabricated. Besides the names, he also took the anecdotes about the barbershop quartet, the beanpicking in Guatemala and a description of an "orca fat" guy from the board. The whole point of showing the names on the board was to simply show Verbal had been making up the story on the spot, not that he just changed some names.

But wasn't that heist set up by verbal? The only purpose of it was to lead to the harbour shoot out. Verbal could easily have had other people do it for him. I guess he just wanted to wack out his accomplices in the process.
What else was fabricated other than the names?

No, not overrated at all. But what makes you think he only changed the names?
As for the jeweler, the point was that it supposedly got them involved with Soze. I also got the idea that with killling that guy, there was no way back for Verbal and the others. At the same time, we saw a darker side of Verbal, a hint to his true identity.