NO. Simple as that.
Do:
$product_option_value_data[] = array(
'product_option_value_id' => $product_option_value['product_option_value_id'],
'name' => $product_option_value_description_query->row['name'],
'price' => $product_option_value['price'],
'prefix' => $product_option_value['prefix']
);
if (isset($product_option_value_description_query->row['smallimage'])) {
$product_option_value_data[count($product_option_value_data) - 1]['smallimage'] = $product_option_value_description_query->row['smallimage'],
// I'm not sure if you meant to have that [] in your declaration above
// You may need to drop it, in which case the line would be:
// $product_option_value_data['smallimage'] = $product_option_value_description_query->row['smallimage'],
}