I baked a good-tasting but fairly dense loaf and rolls Saturday. Time
was a constraint, so I did the following.

At 7pm Friday, I took the start out of the fridge. I was intending to
bring it out in the morning, but I plumb forgot. My starter is pretty
good at getting quite active in fewer hours than most claim is
necessary, and I find the hydration makes a difference. So I added the
full amount of water that my 2-loaf recipe calls for, and enough flour
to bring it to a thin pancake batter consistency. I think the net result
was feeding it about 16 times the start's volume. At 11pm I added some
more flour to bring it to a medium to almost thick pancake batter
consistency. It was already beginning to bubble at this stage. I awoke
at 7am and added flour to my desired consistency. I was aiming for
barely-manageable because I've been having good luck with high-hydration
dough lately. I kneaded by machine for a few minutes until it was
stretchy and the dough window thing and all that, then made 10 rolls in
a dish and a small elongated loaf and a medium round loaf. (apply
whatever french names you like here) I let the loaves rise until 10:15
and then put them in (target time was 11:00), and let the rolls sit
until 10:30 and put them in.

Everything tasted great. The loaves were dense and a bit dry, but there
were some holes. The crust was tough. The rolls were softer and moister,
but still fairly heavy. Both loaves and rolls were cooked to near-200
degrees F, with a light brown crust. Loaves started at 450 for about 10
minutes and down to 350 for the rest (the rolls were put into the 450
oven at the same time I turned it down to 350).

I know I probably haven't given enough details for a definitive answer,
and that it's all very complex, but let's speak theoretically. I would
have liked a longer rise, but time was my enemy. It was my first attempt
at sponge, and I wasn't sure how much of the dough (whether measured by
flour or by water) should be sponged, so I did 100% of the water. So my
question is, is it apparent why I had a dense and dry loaf? My best
guess is not enough rise time and/or perhaps I cooked it too long.

My other question is, is this a good approach for an overnight sponge?

I feel like I cheated and got edible and delicious bread 15 hours from
the fridge (and the last use of the start several weeks ago). I'm
thinking next time, bring the start out in the morning, sponge from 5ish
until bedtime, then make the dough, knead and let rise until wake time
and bake. That would be an ideal schedule.