Can one submit overlapping grant proposals?
From your description, there is too much overlap.
One option is to figure out how to split off pieces of the project that can be done in parallel.  I’ve currently got a CAREER award that focuses on a core theoretical topic, a standard NSF grant (with a collaborator) that focuses on how this theory interacts with non-ideal physics and measurement, and am part of a team on a third (special-program) NSF grant for which my responsibility is using the theory as a framework to guide my collaborators’ hardware development.
The work on each of these grants drives forward my overall research agenda, but is distinct enough from the others that there is no conflict on the grants.
Definitely talk with your program manager as you develop your proposals —they can give you feedback as to whether they agree that your ideas are distinct before you put in the full proposal effort (and having a good relationship with them is always a good idea in any case).