They'd probably plate over the portholes at the very least. Not sure how practical a conversion it would be, she would have been much more useful as a troopship like Aquitania.
Not necessarily, because even a lot of purpose-built warships had a lot of portholes. It depends on how altered the effected area is, for say hangars and such.
For a ship launched in the early 1910s, and as an ocean liner (and a poorly built one at that), the hull would be strained by WWII service, and this might have an effect on its launch/recovery operations too (limiting its usefulness as the "RN's largest carrier"), but in 1935 at least it would be similar in vintage and concept to the conversion the Italians did with Aquila (and Sparviero, a much more austere conversion of Aquila's sister ship). Aquila ended up being a very extensive rebuild though.
I'd suggest Mauretania as a better subject if we're talking implausible 1930s British carrier conversions. She could at least keep some kind of speed; in 1937 Olympic would be an escort carrier in speed terms.
A large platform able to still embark useful types like Swordfish and Hurricanes would probably spend a lot of time on-station in the Atlantic covering the Gap and whatnot; though this would mean a lot of strain on a very worn hull, not to mention U-Boat bait.
Or possibly as a repair/depot ship, saving the RN from having to build Unicorn.