I found this, looks like what you describe but is very unlikely as it would have already been 50 years old at the time.
Quote:
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.
Quote:
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.
CCC.