Downplaying your qualifications is a slippery slope. What employers want in a soft job market is to save money...you may or may not be overqualified; they just want to pay you less than you are worth. You get hired, then you find yourself doing a higher level job than what you are getting paid for. That has long term consequences; years later you are a manger being paid less than you should be. Voice of experience here.
Be careful. Do what it takes to get the job, but be ready to jump when economic conditions improve. You are young enough to pull it off.
Good luck!