You get exactly 15 tier orbs per tier -- that's vastly more than enough to make yourself a powerhouse and take out the overlord. However, there are "diluters" that you can equip on yourself that turn any higher-tier orb that you win into a lower-tier orb. I recommend not using them until you reach tier 5, though; if you want to broaden out the spells you have access to beyond the standard 15 once you hit tier 5, then diluters are your friend.
Also, I should note that when you hit the next continent you get to start completely over with which spells you choose to unlock anyhow, so as long as you can beat the first overlord with what you have unlocked you then get a blank slate to do things differently the next time.
Hope that helps!