I like it. I've never met one. so it does have a vaguely elderly feel to me, but it's like an elderly ballerina; elegant and well-dressed, with good bones. Soignée.
I think it might be a name that suits the European short o sound better. I'd pronounce it OHL guh.
Olga Véronique and
Olga Zénaïde appeal to me, although I think I'd switch out
Zénaïde to
Zinaida.