Cut star shape from 1 pepper, using 1/2-inch cookie cutter; set aside. Chop pepper trimmings and remaining peppers; mix with olives.
Blend cream cheese spread, basil and garlic in blender until smooth. Wash cream cheese tub; line with plastic wrap, with ends extending over side of tub.
Spoon 1/2 cup cream cheese mixture into tub; top with olive mixture and remaining cream cheese mixture. Press firmly into tub with back of spoon.
Refrigerate 1 hour. Unmold cheese spread onto plate; discard plastic wrap. Top cheese spread with nuts and pepper star.