Yes, you can do it sending parameters via withArguments parameter using the application's doScript method.
The receiving MyJSScript.jsx
Is this possible to return the value to apple script and display as a alert.
This should value should return to apple script and display alert in apple script.
I don’t see any way to add an AppleScript listener to the JS script, so even a JS function with a return value would not get returned to the AS script. You might be able to write a text file with the return value, and have the AS script open, and get the value, but it would have to wait for the text to be written.
So why aren’t you checking for the overset text with an AppleScript handler?