since more and more pro contests are having a lightweight class, then they could easily have an over 40 or 45 class. and like you're proposing for the under 202 weight class, it could be there are no cross-overs. then, people would be interested in the best of the best competing for the Masters Olympia title.
before you complain about how long the Olympia might become, that's easily fixed by limiting the Olympia to only the overall winners from the previous 12 months. None of this 5th place at the Ironman gets you into the Olympia crap.