I can answer any kind of Volvo question to do with automotive repair on Volvo from mid 1980s to present .
30 plus years Volvo experience and have been in the automotive industry my whole life
schooled in uk went to south London tech city and guilds in automotive science and masters in electrical engineering .
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Possible that you have a leaking injector ,you say white smoke ,do you need to top up the coolant or does it stay where it should .It is possible that you may have a coolant leak .Do you smell any sweet
It looks like you may be doing a head gasket and checking the the valve guides while you have it apart .I have done many with higher mileage b230s its not a hard job .It does seem that there may be a wear
The first place i would check would be the crank sensor if it looks old i would change it any way.The ignition module you say you have checked but it is another area of stalling on these older 740s .You
You will need to buy or borrow the cam alignment tool without this the job is not possible .Once you have the tool it aligns on the backside of the cams and you will be able to remove the torx bolts they
Without the codes it is hard to give a accurate answer ,but i will try .if you look on eBay you should be able to get the abs control module repaired at a reasonable price .Also the throttle i would recommend