FINAL-CUT, yes I still have the rifle. I bought the lower and a friend bought the parts, then I assembled it. I didn't eat lunch for a few weeks to afford the lower, a mag, and some ammo, so I'm very frustrated with the problem.
I didn't realize the company's name was O-Kay. I thought the large circle on the baseplate was simply part of their logo. The O-Kay mags are 0.02" narrower than any other mag I've checked. That doesn't sound like much, but it does make it much easier to insert the mag. I haven't sanded down the magwell, like it sounds most Oly owners have, because I don't want to remove any of the protective finish. I'd rather have to bang on the bottom of a few mags than worry about oxidation on the exposed aluminium. I'm not too annoyed by the overly tight magwell, because I simply test now before I buy. It just means I can't mail order magazines.
I own about 10 mags, including a couple Thermolds, a Colt 20's, a few GI 30's, and a Bushmaster 10 rounder. I bought one of the mags myself, and I traded-out work cutting grass in exchange for the rest. The bolt won't close over the top of any of them. I also took the rifle to a gun shop, and I tried-out about 4 dozen of their mags. The bolt also hit the feedlips on them. The unenjoyable part of that was listening to the dealer telling me "I told you so" the entire time.
There were a couple of long, drawn-out threads in the "Build it Yourself" forum about this problem with Oly rifles.
Olympic WILL FIX the damned mag catch for you
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The consensus of the group was that the mag catches weren't the problem. I personally shaved one down far enough to get the mag to seat low enough for the bolt to close over the top of the mag. The problem was that recoil would sometimes knock the mag up into the path of the bolt causing a jam. Think about it. If you remove material on the top of the mag catch to make the mag seat lower, then there is nothing keeping the mag from being pushed into overinsertion. Recoil would often do this and resting the mag (yeah, I know I shouldn't do that) on the bench will do it every time.
I called Oly several times to only be answered with insults. I traded-out some work for a photographer to take a few very nice close-up pictures of the bolt in contact with 5 different magazines, and I mailed them to Oly. I did that so they would have proof they couldn't argue with. I haven't heard back from them.
I'd like to find-out which part is out of spec so that I can fix it myself, if possible. I'm still waiting for a chance to swap-out parts with another AR-15 (especially the bolt and/or the complete uppers) to try to figure-out which part is out of spec. I don't know if the channels on the bottom of the bolt are too narrow or if the (I hope this isn't the case because I don't know how to fix it) hole in the lower for the mag catch is out of place.
You claim Oly will fix problems? I talked to Bruce Bell (before he left) a few times, and he didn't seem to be of that opinion of the company. We have a few mutual friends, which was why I bought from Oly in the first place.
So, I have an expensive single-shot rifle. I've gotten pretty good at hand feeding one round at a time. On a more positive note, it's probably made me a better shooter, because I make every shot count.