Made perfect sense to me, but I think if I didn't already know "Man-overboard" as a single term made up of two words, I might've assumed "overboard" modified so

Made perfect sense to me, but I think if I didn't already know "Man-overboard" as a single term made up of two words, I might've assumed "overboard" modified something else like "leads" or "duo", and then it would've been quite confusing.