Yes, I have tested many olive oil cake batters and they all bake into a cake the next day. They rise differently - which is not to say better or worse, just different. And the cake will need more time to bake in the oven, v=because the batter will start off cold.
Most people will tell you that all batters need to be prepared same day. Bakery bakers will tell you this is not true: bakeries would not exist if it were!
No, unfortunately the baking powder and soda would poop out if not mixed and baked immediately. It's a very quick batter to put together, so you would only be saving yourself a few minutes. You could whisk the dry ingredients together and let it sit, covered. You could also mix the wet ingredients and refrigerate overnight. The next day, combine the two and off you go. You could even prepare the pan the night before.
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Most people will tell you that all batters need to be prepared same day. Bakery bakers will tell you this is not true: bakeries would not exist if it were!