Except there’s no Adrenal Move called “Spell Overdance”, so… wait. Oh, you mean the Spell Avoidance in the Arms Companion?
…you know, if you don’t use the correct naming, we won’t get anywhere. Also, it doesn’t give you much bonus to the spell itself (a mere -25), merely a move effect, and its effect is greatly reduced because of the recovery round thereafter (making you a sitting duck; well, okay, not that much but you get my point).
The only later Companion (OC not included) with a Monk base spell is the Spell User Companion with the Martial Mastery list; it has a spell related to Initiative (Lightning Strike) but it’s a laincursed 30th level spell, making it pretty useless, save for very high-level games.
Oh, then I guess you were talking about the Combat Reflexes list, but it’s not a ‘true’ Monk base list (if only because it’s Mentalism and a Monk is Essence). It is just suggested as an option to use it as a Monk base. As such, it’s not really canon. Even then, when Assured Initiative is “only” a 18th level spell, it’s still quite high level.
Don’t get me wrong: Combat Reflexes is a wonderful list. But you don’t last long with it because of the HUGE PP cost for each round of spells.
My problem with the Monk is that he’s not effective because he needs too much development points to be passable: aside from his spell list, he has to develop the four ranks of MA, pretty much all the Adrenal Moves, the Adrenal Defence, etc. MA is 2/5 for him; that’s 28 points a level to be truly proficient. Adrenal Defence is 6. Even if we consider he doesn’t need Quick Draw, that’s 6 Adrenal Moves he needs, at a cost of 2/4 each; even with one rank per level, that’s 12 points. We’re already at 46 points and we didn’t even take into account the development of the spell lists! Even with 100 in each stat, a character has 50 Dev. Pts.
Do the math.