it works, but you have to be extremely careful. you cant just run in balls out screaming random things. This build does make you pretty squishy.

True, I like my build for him, but thats me. i love running in and destroying people even when they are all focusing on me.

you can check it out if you like

Ah yes, i do have to agree but this is the build i favor that works best for me
you could aim for a warmog as your first item and only make 1 zeal

The problem with this build is you arent playing off of Olaf's strengths. He is a character that can be DPS with tons of health. Olaf is meant to have a lot of health. he has nothing that can really make him survive longer, no stuns, no shields, nothing!
It looks like by doing this you are relying on the life steal from starks and VS to keep you alive which may not be for long. I will try it out but I do not like what I see right now.