Heat olive oil in a medium skillet over medium heat. Add corn, shallots, 1/2 teaspoon salt, and black pepper. Cook, stirring, until corn and shallots are tender, about 5 minutes. Remove from heat; set aside.
In a large bowl, whisk together eggs and cream until well combined. Add cornmeal, flour, masa harina, baking powder, cayenne pepper, remaining 1/2 teaspoon salt, and 3/4 cup water. Mix until well combined. Fold in corn-and-shallot mixture.
Heat 1/2 teaspoon oil in a large nonstick skillet over medium-high heat. When oil is hot, gently drop batter, a tablespoon at a time, into pan, working in batches as necessary. Cook, turning once, until cakes are lightly golden, about 1 1/2 minutes per side. Using a spatula, carefully transfer cakes to a paper towel-lines plate to drain. Repeat process with remaining oil and batter.
Sprinkle cakes with Creole seasoning and serve warm with caviar sauce.