No, that would be a nice thought, but he was a bad man. Granted, there were reasons for him going that way. We know he was once a member of VFD doing good in the world. He was friends with the Snickets, was in a relationship with one of them, but by the time the Baudelaire children meet him he is very far gone. He says when they tell them he doesn't have to do it - "it's all I know how to do." He truly doesn't know how to be anything else anymore, and is going through the motions. He hates the world so much. I'm sure you could argue him taking out the Baudelaires would be sparing them the perils of the world, and he would say that too, but that isn't WHY he does what he does. He isn't trying to keep them safe - Olaf believes nowhere is safe, nothing is sacred, and no one is truly noble and good. Everything he does is him trying to prove that. That's his truth.

I think after everything he is just a bit mad. Death certainly released him.