A week ago I had a margherita pizza at a restaurant here in town (Belo Horizonte, Minas Gerais - Brazil). Most margherita pizzas here are made using a very thin layer of sauce over the dough (or none at all), followed by shredded or thin deli sliced whole milk mozzarella, then topped with fresh tomato slices. Fresh basil leaves are added post bake. The margherita pizza that I had was no different - it had just a little sauce, very light cheese, fresh tomato slices and fresh basil. EVOO is usually available at the table and its up to the customer to add it or not.
I had a couple 72 hour NY doughballs around, which were prepared using AP flour (10% protein), 64% hydration, 1.8% salt, 2% EVOO, .4% compressed yeast, and wanted to make a similar "margherita" pizza. I decided to top my pie in similar fashion - laying down a thin layer of sauce, followed by hand shredded whole milk mozzarella. I also added a little freshly grated peccorino, not much, probably around 5% in relation to the w.milk mozz. Next, I added some fresh tomato slices, and gave the whole pie a swirl of EVOO before launching onto the hot soapstone. About 5 minutes later, I removed the pie, let it cool for a couple minutes, then added some fresh basil leaves. This pie was bright and tasty. The crust had good flavor, and the 2% EVOO left a pleasantly detectable flavor (which is exactly what I wanted). My wife especially likes fresh tomato on her pizzas, so this pie got a thumbs up.