This will be Olwë's final episode, and the last time an episode focused on him was back in Season 2 Episode 5, when Círdan opted to stay and he continued on to Valinor. He's been a periphery character since he arrived in Valinor, simply having a family connection to Finarfin and some construction disputes with Finwë.
I think that we need to first show Olwë before the Noldor arrive, to see how he and his people are reacting to the darkening of the Trees and the news of Finwë's death. [I mostly picture Teleri moping on the seashore singing sad songs in the gloom.] I think Olwë should mention the close friendship between Finwë and his own brother Elwë, and express genuine grief over the loss.
I also agree that we should bring Uinen in, so possibly she is the one bringing news to Olwë (from Ulmo) of how Melkor killed Finwë and escaped to Middle Earth. A mention of Ossë, who is not permitted to come near the coast of Valinor, would also be good.
I'm not sure how we bring up Middle Earth, but we need to. The idea of Olwë's Ulmo-given destiny to be the shipbuilder who connects Valinor back to Middle Earth has to be made clear and explicit now.
...Then Fëanor shows up. First, their exchange is cordial. Olwë expresses condolences over Finwë's death, and Fëanor seeks to recruit Olwë to his cause of returning to Middle Earth. But...something goes wrong in that conversation. I have to guess that Fëanor switches from persuasion to demands, and once he starts making threats, the negotiations are over. Olwë refuses, likely on the grounds that the ships are his and the assumption that the Noldor could just take them is way too arrogant.
What does Olwë do when Fëanor withdraws? Does he order some of the Teleri to go to the quays and safeguard the ships? Did his people witness the conversation with Fëanor, or was it private?
Fëanor feels that he has been forced into the actions he is taking. If only Olwë had been reasonable, and honored the help that Finwë provided when the Teleri first arrived in Valinor, then none of this unpleasantness would be necessary. But if he won't help, fine, disregard him and just take the ships they need. They're just borrowing them...and if the Teleri had agreed to come with them, they could have kept the ships after they were done ferrying them.... [In other words, he needs some justifications that his followers can buy, but that the audience will see the situation is NO DIFFERENT from Melkor's theft of the silmarils, really.]
Only a small host of the Noldor is currently with Fëanor - the most gung-ho who packed up the most eagerly. They are chomping at the bit and in a hurry to get going, so any delay seems a bad thing. We should have Fëanor, his sons, and Irimë in this group. Did any of them witness the conversation between Olwë and Fëanor? Fëanor is personally upset because he just got rejected by his wife, whom he really expected to come along, and now Olwë, whom he expected to help them out and at least lend the boats.
I have to imagine that the initial trek down to the boats was meant to be a show of force - get out of our way, and no one will get hurt - see these swords? But no one was expecting to actually have to fight. But...the Teleri are guarding those boats, and not about to let anyone steal them, and so.....violence breaks out and escalates *quickly*.
Sooooo...who shoots first? (Han. Han Solo shoots first.) The Teleri are likely armed with bows, and the Noldor have mostly swords. Either one could strike a sudden fatal blow. I think that Fëanor should *either* have first blood, or be the one to kill Olwë (but not both). I don't think Olwë is down at the boats when this initial skirmish happens - he's likely mustering the rest of the Teleri while this is going on.
Well, I have more thoughts, but that's enough for now