Pyke does not gain bonus health from Overgrowth. However, it does increase the value of health items.
Right now, Overgrowth increases current and bonus health, based on minions dying nearby. This means he gets AD from the rune directly, AND he gets a small chunk of bonus AD from the health items he buys. You may be thinking "Pyke doesn't ever have any bonus health, this rune does nothing", but the increase to bonus health applies before his passive converts that health into AD.
That said, the amount of AD you get from this rune is inconsequential for the amount of time it takes to stack it up. Pyke needs power in the midgame, not the late game, and this rune amounts to basically a free Longsword 40 minutes in.
Always take Revitalize in that slot. The bonus healing is just too good to take anything else. MAYBE take Unflinching in a hard CC matchup, but getting a small amount of extra health every time you dip out lets you sustain in lane longer, survive more damage, and make more plays.
EDIT: Overgrowth has changes on the PBE, making it give you flat HP instead of a percentage that stacks infinitely, plus a chunk of bonus percentage HP when you reach a certain threshold. This will make the rune better for Pyke, since he gets more AD from the rune that he can use early on. I'm not sure if it will overtake Revitalize, but I'll definitely have to try it.