It's pretty likely that the temperature needed to polymerize the oil would destroy whatever compounds are responsible for making olive oil taste and smell the way it does. Plus, if done well, seasoning creates a permanent bond between the polymer and the metal, so you probably wouldn't get anything to come out of the seasoning into the food.

As for adding iron to the food, you might be thinking of acidic foods causing iron to leech out into the food. If the seasoning is "perfect" then this might not happen, but any weakspots in the seasoning can allow acids to corrode the pan if they're left there long enough. Common advice you'll find is to avoid cooking acidic food for long periods of time (e.g., simmering tomato sauce for several hours)