I'd give
Olive a B-. I think it's perfectly usable, but it might sound a little old-fashioned still. I don't think a child named this would be teased any more than any other kid. They might be called
Olive Oil a bit, but that's not that bad.
Ollie or
Liv make good nicknames.
Olive MariaOlive IsabelOlive SerenaOlive BethanyOlive Eleanor