Thanks again for looking at this. Glad it's just me and not a bug. ha ha. Cheers!

I have played with it a little more and gotten it down to 1 dependency cycle. This is a different area of the rig but when you move the bone (LargeLegAnchor.R) you will see that bone (LargeLegTrack.R) has the floaty bone issue. In this version file if you delete the copy rotation constraint the issue goes away but not if you just turn it off. This seems to be the same issue but is being caused by something different? Not sure.

I have removed all unnecessary bones, mesh, and constraints. If anything is removed from this version of the model the floatybone issue stops happening. Looks like their are still 9 dependency cycles. Hope this helps and is not all just user error. ha ha. Thanks for taking a look at this.

Why is this bug still closed? Is there another way to get this effect in Eevee? Would really love if this worked in Eevee :/ @Dalai Felinto (dfelinto)

Thanks for the clarification! This had been said to me before but I was previously mistakenly looking at the overlay menu in the contextual draw menu to the right of the UI Instead of the overlay drop down in the view port. Sorry for my confusion.

Sorry if I was not clear. Please see the video link below. In this video tutorial a previous version of blender from November 1st (Ver 2.80.29) has the ability to while in texture pain mode switch to lookdev mode. This allows the painter to mix their layers using the RGBMix node. The issue with the current texture paint mode is that when in texture paint mode the 3d view swaps to a flat shaded preview and no matter what render option you choose it always shows flat and will not show your edits to the nodes in the view. I have attached an image of a similar setup to this video but with the lookdev enabled but unable to show the layers interacting with one another. Being able to see the effect of a bumpmap as you paint is very valuable and is currently missing in the blender 2.8 due to this issue. To add to this issue if you exit texture paint mode to see your edits or work around the issue the contextual texture slots paint layer menu closes and will not allow you to bring it back up unless you re-enter texture paint mode preventing you from selecting colors or layers.