Using your food processor, combine the flour, salt and olive oil and pulse for about 3 to 4 seconds. While the food processor is running, slowly pour the very cold water over the flour and keep running until the pastry begins to come together, after about 7 to 8 seconds. Do not overwork the dough.
Next, add in the fresh thyme and freshly grated cheddar and pulse just a few times so that the thyme and cheddar become incorporated into the dough. (Alternatively, you can add the thyme and cheddar later and knead it in before you place into the refrigerator.)
Transfer the olive oil pastry dough to a lightly floured work surface, knead just a few times, gather to form a ball and wrap in plastic wrap and refrigerate for at least 30 minutes before rolling it out.
Preheat your oven to 400 degrees. Remove the dough from the refrigerator and roll out on a lightly floured work surface.Transfer dough to a pie plate, gently pressing the olive oil pastry into the pie plate. Prick the dough with a fork and bake it for about 12 to 15 minutes or until lightly browned.Remove from the oven and lower the oven temperature to 375 degrees.