This is exactly what the Lean Startup talks about. Granted, I feel like the post was targeting the topic of procrastination more so than anything else. By Sam's logic, brainstorming and analyzing your business's market would fall under the territory of "doing", while reading and writing on hacker news may not.
Plenty, and we see it every day, except they don't call it "failure by doing too much". They call it things like "not understanding the target market" or "focusing on features rather than experience" (more generally "not thinking enough")