I have been using an EM-5 MkII and just purchased EM-1 MkII in Nauticam housings. Been happy with my INON strobes (2 x Z-240), triggered by fibre optic, set the on camera flash to 1/64 power when using manual.
Your required float arms will vary with the port you use, generally less needed with a dome port due to the volume of air contained. I'm using Inon float arms with my setup. I expect the Olympus will need less flotation being a plastic housing. From the spec page on BH photo:
Approx. 10.2 oz / 290 g (in fresh water with PPO-EP02 lens port, camera, on-camera flash, M.Zuiko Digital ED 8mm f/1.8 Fisheye PRO lens, focus gear, shade ring, battery, and memory card)
Approx. 5.6 oz / 160 g (in fresh water with PPO-EP03 lens port, camera, on-camera flash, M.Zuiko Digital ED 60mm f/2.8 Macro lens, focus gear, shade ring, battery, and memory card)
You can do calculations to work out UW weights of other port/lens combos.
Based on the fisheye I'd suggest two INON float arms M with 135g buoyancy each. Just how much you need will depend on what else you hang off the rig, The INON Z-240 are 77g each underwater. INON publish underwater weights for most of their products. The Z-240 has been discontinued though and the replacement not yet released.