In a small bowl stir together the olive oil, basil, and garlic or garlic powder. Split the French bread lengthwise. Use a spoon to hollow out the top half, leaving a 3/4-inch-thick shell. Brush the cut sides of both bread halves with the olive oil mixture.
On the bottom half of the French bread, layer half of the mozzarella cheese, all of the smoked turkey, the olives, the remaining cheese, and the tomato slices. Sprinkle with pepper. Top with the bread top. Wrap in heavy-duty foil.
Bake in a 375 F oven about 10 minutes or until heated through. Cut into 4 portions. Makes 4 servings.