ps -- I was recommended Virgin Coconut Oil from the health-food store, for my dog with itchy skin. (I believe I was supposed to feed it to her.) The jar I got had solidified, and I needed to heat little amounts of it briefly to bring it back to an oil form. That stuff was so tremendously emollient that I've been tempted to try making a little poultice for my feet with it. I'll bet it would feel great. (Of course, my feet would then smell like macaroons and my dog would want to lick them, but it might be worth it, for soft feet.)
It won't hurt you in any way, just make sure you protect your pillow from the oil. The nice thing about olive oil is that it all-natural, no chemicals or mysterious engineered ingredients.
Topical treatments for the skin can reduce the look of wrinkles ...whether it costs a buck ninety nine or a thousand dollars an ounce, if it holds in moisture, it can make the skin tissue look a little better. You aren't going to see magic changes from anything you put on your face, but putting on something is better than putting on nothing.
Biggest thing for protecting against future skin wrinkles is sunblock.