As nice as the name
Olive may be, I think there could be a significant teasing potential--especially in elementary school (to a bunch of 8 year olds, the name is something you put on pizza, something you put on your finger tips for fun at Thanksgiving, or Popeye's girlfriend). That's not to say I don't like the name, it's just to say I wouldn't like having that name growing up.
Since the name is meaningful to you, you might consider using
Olivia as a fn (more familiar and less ready-to-eat than
Olive) or you might consider using
Olive as a mn. Eg.
Catherine Olive.