I found this, looks like what you describe but is very unlikely as it would have already been 50 years old at the time.
As early as 1932, Jaymar Specialty Company was making a wood jointed Popeye figure. In 1936, they brought out the MAKE YOUR OWN POPEYE FAMILY with Wood Parts including figures of Popeye, Olive, Wimpy and Eugene the Jeep.
I also found this, which falls in the right time frame.
70s Italian Olive Oyl figure from I Componibili by Gio Cas Bologna, K.F.S. licensed product. About 2 inches and a half tall, aprx. 6 cm. To assemble. This item comes sealed in baggie, mint and complete in match box type package.
Google is your friend.