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the Teleri had every right to reserve from the Noldor (even as ferries) the work of their hands
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Yes, they had the right to not help their friends.
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as it was against the will of the Valar
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Who cares what they think? All that should've mattered is the situation at hand. Olwe should've considered the factors involved and the possible outcomes and weighed his decision on those things rather than placing all weight with the wishes of the Valar.
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Feanor was obviously, if you will pardon the expression, off his rocker
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Maybe, maybe not. Perhaps the flame Eru set in his heart was indeed greater than the Valar knew (as Feanor stated), and caused him to be the only one bringing about the ultimate designs of Eru in every situation, whether it could be done in a harmless way or seemingly had to be done in a negative way because of the resistance of others.