Overview
You can just click Play, and have the Steam overlay work! No hassle, one copy and paste command!
How To Do It
One magic command pasted in your launch options will fix it instantly.
When done, it’ll look like this.
Ta-da. The Steam overlay will now work, and the game won’t stupidly request admin rights. You don’t need to change any paths in that code, unless you have Windows installed on a drive other than C: (and if you do, you’d know).
How It Works
This launches the Windows command prompt, cmd.exe, with a special compatibility option (not available in the Compatibility Options dialog!) that tells Windows that it can only run programs as the user that opened the prompt (that is, you) with non-elevated credentials.
The %command% part is a useful variable that works in the launch options of every Steam game, and just contains the command used to launch the game.