In my opinion, there is no reason to take both. If I had a digestion problem/burping problem with fish oil or for vegetarian diet concerns, I would use groung flax seeds or oil--fresh ground seeds are actually touted as best.
I like to use olive oil in lieu of other fats I once used (butter, margarine). My choice for cooking now is actually either canola or olive oils. These have the some of the highest amounts of monounsaturated fats compared to saturated fats and polyunsaturated fats.
As far as effects on lipid profiles, my understanding is that omega-3 EFAs lower triglycerides, can lower LDL by ~10% and in some studies its been implicated in a slight increase of HDL.
The benefit of olive oil will be mainly due to its high MUFA content, which lowers LDL and leaves HDL alone. The small amount of PUFA will lower both LDL and HDL, while the saturated fraction will increase both LDL and HDL. Net effect of using this oil is probably going to be a drop in LDL, and no changed in HDL.
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Is there any reason to take Fish Oil, Olive Oil, and Flaxseed Oil? 
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