I fight against a VERY good olimar quite often(shrinkray) the best way to win with link is to never stop moving, try really hard to never get grabbed, and kill him upwards if you can, i know olimar is very gimpable but he is also very light. Also, i refrain from using bombs b/c if a pikmin is latched on to you and you throw the bomb, it actually will blow up on the pikmin and you will take damage. Correct spacing and good use of the nair and zair will help alot. I also use the boomerang all the time, it is very good against olimar for keeping him away from you. another generic thing to do against olimar is to attack pikmin that are returning to him, in this condition they are desynched from him and can take damage, if the olimar you play likes to use latch alot i would reccomend you never stop doing areal attacks just to keep them off. In the end, playing against a good olimar with link is VERY hard. Try to catch them off gaurd, and if they are low on pikmin take advantage of it. Gimp where you can and if you get olimar to high damage send him out the top. If you have any more questions about olimar's i'd be glad to give you any advice i can.