GREAT appetizer. Sounds strange, but have never had any left-overs and many rave reviews at parties. When I'm on my last legs, THIS (and either Muffaletta or Monte Cristo sandwich) are what I want my last meal to consist of.
Mix the cheese and flour, and then mix in the margarine and cayenne, working the dough with your hands if it seems dry. Form a log in plastic wrap and chill in fridge over night. You want this to be fairly dry and crumbly. Mold approximately 1 tablespoon dough around each olive. The warmth from you hands will help keep it together. Bake at 400° for about 20 minutes or until golden. Serve hot, warm, or cold. (I prefer them hot ;-).