The noaa image is in WGS84 coordinate system, by nature, it can not be
overlay on top of Google base map accurately without a re-projection
of the image itself.
If re-projecting the image is not an option, you need to approximate
the overlay with a technique that used for image sprites, which is
what groundoverlay does. You break up the image vertically into small
pieces, and apply projection to those individual slices as the
background of a div, not a img element.
if you want use groundoverlay, you can set the style of the
"pane.overlayLayer" with some sort of transparent, use a fake overlay
to get access to it. Downside is that all overlays will have same
opacity.
or you can fire an enhancement request via issue tracker and see what
happens.