Lemma (Sergeev): For every positive integer $k\leq n$, the matrix $T_n$ has a covering $\sigma$ such that $s(\sigma)=O(n\log n/\log k)$ and $S(\sigma)\leq k\cdot s(\sigma)$.Note that the trivial covering by rows or by columns on gives $\sigma$ with $s(\sigma)=n$ but $S(\sigma)=\Omega(n^2)$.
Proof: To avoid floorings and ceilings, let us assume that $k$ divides $n$. Call a $p\times q$ rectangle $k$-balanced if $\max\{p,q\}\leq k\cdot \min\{p,q\}$. Let $s'(n)=\min s(\sigma)$, where the minimum is over all coverings $\sigma$ of $T_n$ by $k$-balanced rectangles. Since for such a covering $\sigma$ we have $S(\sigma)\leq k\cdot s(\sigma)$, it is enough to show that $s'(n)\leq 2n\log n/\log k$ for $n\geq k$. We do this by induction on $n$.
For the induction basis, assume that $n\leq k^2$. In this case we take $n/k$ vertical stripes of width $k$ each, and cover the remaining ones by stripes of width $1$ (see left figure). The resulting covering is $k$-balanced, and we obtain $s'(n)\leq k\cdot(n/k)+n=2n\leq 2n\log n/\log k$.
By taking $k=\sqrt{n}$, we obtain
Corollary: The matrix $\overline{I}_n$ has a covering $\sigma$ such that $s(\sigma)=O(n)$ and $S(\sigma)=O(n^{3/2})$.