Combine the whole milk, heavy cream, milk powder, and honey in a large saucepan. Place over medium high heat and whisk until smooth. Bring to 110F, then remove from heat.
Place the egg yolks in a medium-sized bowl. Add ¼ cup of the hot milk and whisk until smooth. Repeat this process 2 more times to temper the egg yolks. Gradually pour the tempered eggs mixture into the saucepan as you whisk. Place back over medium high heat.
Place back over medium heat and stir until 170F to 175F, about 5-10 minutes. It should have slightly thickened up and easily coats the back of a spoon.
Remove from heat to whisk in the extra virgin olive oil, vanilla extract, and vanilla bean paste. Let cool for 30 minutes before transferring to a container to chill 4 hours to overnight in the fridge.
*Make sure the ice cream maker base has frozen overnight (at least 8 hours, best is 24 hours).
Pour the custard mixture in the ice cream base to churn until soft serve texture, 15 – 30 minutes.
Pour into an airtight container to freeze until solid, about 1-3 hours, depending on ice cream maker.