Why not flout convention now and again! I bet you sometimes fish with little or no shot down for those fabulous rudd, and if you want to shot a waggler down, for the rod or whip, with all or nearly all the weight under the float, you can use whatever you like for the weight.... large shot, lead wire on the float itself, brass loading, or even an olivette, if you want to.
It wouldn't usually occur to me though, to use an olivette in that way, and I think Mike is asking about setting up a winter river trotting rig, where the olivette is there to hold the bait down in the flow and in the zone where the fish are likely to be feeding, hence the answer "nearer the hook". An olivette near the float on a river rig is not really helping to put your bait down where you want it. An olivette-down rig can also be easier to cast and control than one with more shot spread over the line. The disadvantage is that it won't be geared up to attract bites on the drop or in the upper levels so well, but that's usually more of a warmer weather thing anyway.
I've just remembered reading that some anglers on winter commercials use an olivette of a few grams in preference to a bomb - for the quiet entry into the water! Just shows that with fishing gear, we always find ways to use things beyond what we're meant to do with them. The proof of the pudding, of course.......