Ok so I was playing a 5v5 blind normal earlier and I had a slight problem my team lineup was completely screwed since I was playing against an Olaf (Who I believe also was running a cleanse build anyhow)

Our pantheon kept rushing into the fray and dying and I couldn't do anything after he'd die because Olaf would pop his Ult.

To try and turn this kind of battle around should I just have started rushing Wooglet's for the stasis or should I have rushed health?

I'm not sure I could have done much considering that our whole team wasn't doing too well but I'd atleast maybe be able to survive Olaf's Burst, what was my best option here?

I don't know that you had much of an option other than to ignore Olaf to focus his squishier teammates and communicate with your Pantheon that he's not a tank and needs to position himself better.

Olaf is pretty much a hard counter to Morgana, since his ultimate ignores the root from Q and stun from her ultimate. Once he's in your face, it's mostly AD/True Damage, ignoring your shield - you're done.

I don't know that rushing Wooglet's would have helped, because it would just give Olaf and/or his teammates to close the gap with and destroy you. That being said, CDR and survivability for a support Morgana is probably your best bet to survive Olaf's punishment until his ultimate wears off and you can get away - assuming you were the point of focus and there was no tank on your team.

Our amumu was technically a tank... but he was more like an initiator than a tank but he didn't initiate at the right times, I remember one time he went around to a turret but by the time he was around Pantheon was already dead somehow.

The amumu was using speed 3 boots with ala, a sunfire, abys, BFT and a giant's belt...

Looking at Pantheon's build now I have no idea why he was intiating, Tablet, Phage, Prospectors, BC, IE and he had a cloak of agility.

Our other two were a Fiddlesticks and an Elise, the fiddle who was complaining about us being top and me not defending turrets (which I mean I usually can do but not with an unccable Olaf leading the charge and no one assisting me)

I'm looking at my build now and thinking maybe I should've stacked more HP, but I'm not sure if it was winnable at all given our team, I wish I had grabbed myself a replay though. I'm just not one to usually got 2/11/11 and that Fiddle giving me a hard time over it telling people to report me as unskilled really irritated me (he was bot lane the whole time anyhow he never came to teamfight with us).

Incase you want to see the match:
http://www.lolking.net/summoner/na/20482857#history

It's the loss there, I have no idea why I was building more MR than I had either... their Malz wasn't very threatening.