I want to do hardwood strips on my stairs. I pulled the carpet off and found plywood treads and risers. The treads measure 10 3/8 and overhang the riser by 1 7/8" - 2" on some of the treads. If I cut off the overhang in order to install new risers, the treads will only measure around 10" instead of 11". Isn't that too narrow for treads? What are my options?

The other option is to build out the risers to your tread overhang.

I thought of that. If I build out my risers to match the overhang then my tread will be approximately 10" which includes the stairnose. Maybe I'll just have to settle for 10" treads instead of 11?

Have you considered removing all the existing and installing solid treads and risers. Much better appearance than using strip flooring and nosings.

The maximum the tread can overhang is 1 1/4". You have way too much and that is not safe.

2003 Stair Building Code http://www.arcways.com/IRC2003.pdf

Honestly, when you think about it, it's all a wash in the end. The more overhang you've got, the less usable space you've got to step on the next tread (especially when walking down stairs). If you've got 11 inch treads, but 2 inches of overhang, then you've really only got 9 inches of area on which to step down. If you now have 10 inch treads with 1 inch of overhang (which is what I have), you've got the same 9 inches of area on which to step down.

Two inch overhang is too much, I've never seen stairs like that.

You'll be fine. And as for solid vs strip, I would probably agree that solid might be better in some respects, strip does have it's advantages. Like exact matching of color/grain to your floor, less thick than solid (which can mess up your step to step variation if you're going to install solid treads over the top of existing plywood treads), and a bit easier fitting (cutting solid treads to exactly fit existing stair stringers is an art), and probably cheaper (depends on how much you pay for the bullnose).

I used strip flooring on my treads, and I think they look excellent. Just my opinion tho'.