Message 310330 - Python tracker
Perhaps this issue should be raised on Python-Dev, since it changes the old and well-known behavior of buildins. I think that ValueError is more appropriate, but in past we decided to keep OverflowError for compatibility. If change chr(), other code needs to be changed. "%c", PyUnicode_FromOrdinal(), PyUnicode_Format(), and possible the same for bytes. See also issue29833 and issue15988.