It is a major job to replace the tone ring. It will require disassembling the rear end. I would replace the rear end before I would replace the tone ring. Tone rings were about $60 US when I bought one last year. The local U-Pull It gets $40 for a complete rear end, less brakes. The U-Pull It has one 3.54 ratio from a 1986 745T.
There is some good news if you are electrically inclined. Volvo used an ABS signal convertor to change the ABS siganl to a signal for the speedometer. I have one in the garage, but I just spent 10 minutes looking for it. It has four terminals; two for signal input, one for power, and one for speedometer output.
The original tone ring has 14 slots.
Message me if you want a wiring diagram for the ABS signal convertor. The would run about $2.50 (relay price) at the local U-Pull It.
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