Thanks to all who helped, especially Joe Schaefer whose invaluable knowledge on the subject really made a difference.

To recap. I have a 1998 NA S70 with 65K miles on it. I am the original owner. I first tried to find out what belt I need based on the engine serial number. I looked at the label and it was dirty, so I rubbed it and along with dirt off came the ink. Ouch! Had to take the cover off and look. Turns out I have the later belt with the non-hydraulic tensioner. I then got a tip to watch out for the variable valve timing and follow a special procedure for it. This information was misleading. 1998 cars do not have VVT. VVT started in 1999. So, the procedure for 1998 cars is the same as for 850's except the tensioner is different in most cases. There are some '98 cars with the old type of tensioner, so do check if you have a 1998. Anyway, my experience was generally good. The timing mark on the crank sprocket is completely obstructed by the new style tensioner, so do your best. What I did is line up the cam marks and then went one or two teeth forward. In that position the crank mark should be visible if the crank is in the correct position. After seeing the mark I went back half a turn and then forward basing my alignment on the cam marks. This is when I would probably try taking the crank pulley off (it is also known as a harmonic balancer). I think with the balancer off the belt removal and replacement would have been much easier. I did not remove the pulley and performed R&R with it in place. Belt removal was a bear. I had to cut the old belt - it would not come off otherwise. The new one went on without issues. I re-checked the alignment and the exhaust cam sprocket was off by one tooth. Off with the belt, adjust the exhaust sprocket, re-apply the belt. Seems fine. I adjusted the tensioner and cranked the engine by hand 4 revolutions of the crank (cams only made two revs each). Nothing seemed to bind, so I went into the cabin and started the engine. It ran perfectly, which was a huger relief. I buttoned everything up and went for a test drive. Again, no issues. It is actually not a very complicated job, now that I have done it.

Again, thanks to Joe and everyone else who had helpful input.

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Vladimir. '98 S70 base, 5-speed manual - his, '93 945 (approaching 200K miles and rolling on...) - hers