I'm not personally familiar with Olive as a tone wood... and that's probably a bad thing. People have been making guitars for quite some time and if it were a good tone wood... I, or someone else... would probably know by now. This shouldn't discourage you from continuing though. If this is your first guitar from scratch... its not a bad idea to work on a lesser quality wood... Its better to mess that block up than to mess up a choice cut of Mahogany or Alder. You can always finish the guitar then go back and make another body with a different wood at a later date. It should be a nice souinding guitar either way... Woods are less important to the tone of electrics than acoustics... dont get me wrong... it makes a difference. But I have a Strat copy made out of laminated wood and everytime I play it I'm impressed with how well it sounds. So I would say go ahead with the Olive just for a trial run and maybe you'll be impressed as well! good luck!