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I have never used olive, or seen a piece either. If its hard and fairly ridged it should work.
I`ve used Olive wood on a few of my custom rod piezo bridges....very nice wood....it should work very well for a neck . But like Oily says it would be hard to find a long straight piece, but you being from Italy might have access to such long enough pieces of the wood to be used for a neck.But i did see this listing on ebay for a nice Olive wood board which would be plenty long enough for a guit neck...http://www.ebay.com/itm/Itallian-Olivewood-lumber-exotic-wood-hardw...
thats expensive wood on ebay, wow.
I have used olive wood in traditional bows and it is a great wood should make a sweet neck if it is straight enough. Of course if you get a piece that is a little off I can help you straighten that bad boy out to where it will be right for you. Good Luck