From my perspective, Bethlehem olive wood is one of the easier woods to finish. After sanding to a million (or MM12000, whichever comes first [

]), most BOW looks finished.
A quick wipe down with denatured alcohol will remove any excess surface oil. At that point, you'll probably want to seal the grain. A sanding sealer works well, but I prefer a friction polish which usually pops the grain a bit more.
After "burning" it in realy well, let the pen sit for a day, then barely brush the surfact with MM8000 or MM12000. A couple of coats of lacquer will add some protection. If you want to add depth, wait at least a day after applying the lacquer, re-scuff the finish with MM8000 or MM12000 and apply two additional coats.
Once you've got 4 coats on, the lacquer really needs a 2-3 or more days to cure. At that point you can add as many coats as you want, typically in series' of four. After the final coat of lacquer, wait a day, scuff the surface with MM12000 and apply your top coat. (I already know which one you use. [

]) Wait another day before assembly.
That's my story and I'm sticking to it! [8D]