+Def/-HP P!Olivia salvageable?

Nothing stopping you from running this build that I've been running. Your IV is less than optimal, but the build will still work for most things.

That is not a bad IV, it's just a less useful one. For someone who isn't supposed to be on the offense this is fine. Units aren't automatically trash if they don't have a Speed or attack positive IV you know. (-atk and -spd are a different topic though)

I don't think there is really such thing as a bad boon for P Olivia. She can run many different sets, and work in many different ways, as she is a dancer. The only reason she would be less usable is if she had -spd. Even -Atk is okay, as she can still tank hits and is fast enough to prevent most doubles.