Wasn't it mentioned in Olcadan's bio that he never lost a fight except for one which resulted in a draw? I always felt it was somewhat hinting towards edge Master himself but I may be totally wrong on that one.I do to. He has that comic relief side to him like Heihachi that just brightens up your day.
Personally I wouldn't mind seeing Edge Master and Olcadan in the same game having some fun rivalry, would make for entertaining content for a pair of mimics.
regardless would totally love it especially since Olcadan was my fav mimic character as well