The shade from the overhang would cause the lights to come on earlier and go off later than if the photocontrol were placed in the open, depending on the ambient illumination at that spot. Factors such as the photocontrol facing East, for example would allow it to be exposed to morning sunlight, even if under an eve, and turn off prematurely on sunny days. This is why photocontrols should ideally always have and open unobstructed view of the North sky.
I think that if your photocontrol were located at the top of the cluster near the soffit, I don't think that light from the reflector floods aimed down and out would create enough illumination on the underside of the soffit to cause an oscillation problem. If anything, the small increase in ambient would bias the photocontrol to turn off sooner.
EDIT: I just noticed that you mentioned replacing the floods with a wall pack having a built-in dusk to dawn photocontrol. My experience is that there should be no problem as the manufacturer has taken the photocontrol location on the fixture into account.
-Hal