You want to know about Olwe? To be perfectly honest there isn't much to tell as he did not play a huge part in the happenings of middle earth at any time. To tell you most of what I know, I will quote the Encyclopedia of Arda, as it words it better than I could.
[And no, Velcayelde, Elmo and Elwe are different beings, as partially described below]
Quote:
A lord of the Teleri, the brother of Elu Thingol. When Thingol was lost in Beleriand, Olwë took the lordship of those of his people who wished to continue to Aman, and led them there. He rules the Teleri at Alqualondë on the shores of the Blessed Realm.
Notes
1 Olwë appears to have belonged to the first generation of Elves, who awoke at Cuiviénen rather than being born. If this is true, however, it's hard to explain the fact that he had two brothers, Elwë; and Elmo, so it is at least conceivable that he was born while the Elves still lived in the distant east, rather than awakening there.
2 The -wë element of Olwë's name means 'one' (as for example in Ingwë 'first one' or Finwë 'skilled one'). The ol- syllable, however, is obscure. It is possibly related to the same root ulu- seen in the name Ulmo, meaning 'pour' or 'flow', but there is no direct evidence to support this idea.
Notes
1 Olwë appears to have belonged to the first generation of Elves, who awoke at Cuiviénen rather than being born. If this is true, however, it's hard to explain the fact that he had two brothers, Elwë; and Elmo, so it is at least conceivable that he was born while the Elves still lived in the distant east, rather than awakening there.
2 The -wë element of Olwë's name means 'one' (as for example in Ingwë 'first one' or Finwë 'skilled one'). The ol- syllable, however, is obscure. It is possibly related to the same root ulu- seen in the name Ulmo, meaning 'pour' or 'flow', but there is no direct evidence to support this idea.
So there you have it, and I hope that helps
