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If I were Zack Grienkes personal catcher, I would have an impressive CERA as well. Same thing with Jiminez. Rob Johnson also ran an impressive CERA when he was Felix's personal catcher. Adam Moore saw a drop in his CERA when he became Felix's catcher later in the year.
With Olivo's arm, he will most likely shut down the oppositions running game. Teams won't run on him, not sure how many runs that will save and how many runs he will give back through passed balls and wild pitches.
I don't hate this move, but I disagree with you on those points.