I've written above about another solution (make 2 git repos, every one based on the current one), so commit history for every ebuild/eclass is preserved (in fact it's preserved for deleted files, but it's less comfortable/common to access - you need to know such a file/dir was there). Downside: size of .git directory is doubled (72 MB on my system without doing gc). Take a look at the two my messages above please.
And second it'd be some more work to do rather than "then transfer out the sabayon specific ebuilds (there are less of them and are pretty obvious)". Do we need that git history in the two overlays, after all? I'd say "can live without it" and do as you wrote. Any thoughts on this?