I have an Olympus E-M1. Its listed on the Adobe web site list of supported camera's My Lr is up to date 5.4 I re-down-loaded the download that add the E-M1 The camera (no Olympus camera do) still does not appear in the Develop panels.
The camera model does not appear in the develop module. If Lightroom is reading your raw files, then the camera is being supported. If the camera wasn't supported, then you wouldn't be able to look at your raw images using Lightroom. In the develop module, calibration section, you will see profiles. I'm guessing, but I suspect the only profile your camera will have is one called Adobe Standard. Nikon and Canon cameras have a larger list of profiles.
As far as lenses are concerned, not all lenses are profiled. And you will find more profiles for raw files than for JPEG files. Perhaps someone with more information about Olympus can provide you with more information.