Even if the olive oil smells okay, it may have a higher fatty acid content than when the oil was young. There is no problem with that, except the soap made with this oil may come to trace faster.
Give it a try with a basic soap recipe first. Until you know how it's going to behave, I wouldn't plan on a complicated swirl.
Fresh fats normally have a fairly low free fatty acid content. The lye has to break the fat molecule apart to release the fatty acids, and that takes time and energy. With a higher % of free fatty acids in an older oil, the lye has less work to do and the reaction goes quicker.