I replaced the timing belt, tensioner, and idler pulley on my '01 S80 2.9 (non-turbo) at 117K miles.
Yes, it is "possible" to remove/replace the T-belt with the serp pulley still on there (I did it like this) but it is VERY difficult. Next time I will remove the 30mm nut on the pulley with an air gun (didn't have one at the time) so the job goes much easier. Be sure to loosen the nut with the air gun BEFORE you remove the t-belt, in case the engine rotates backwards a bit as you're loosening it. You do not want to turn the crank without the t-belt on, will screw up your cam timing.
And when you set the engine to TDC before removing the belt, you have to rotate the engine clockwise 1/4 turn PAST TDC and then back (counter clockwise) to TDC (so the marks on the cam sprockets align with the notches in the plastic cover) before removing the t-belt. No more, no less. This is to keep the VVT (Variable Valve Timing) in tact. If this was not done before you removed the t-belt that's probably why you got the error codes.
Even though your t-belt "looked OK" (mine did too) it is probably wise to get back in there and replace it. If the belt fails your engine is instant toast, as this is an "interference" engine which means the pistons will hit the valves if the belt breaks.
Good luck.
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2001 S80 2.9 (non-turbo), 115K miles
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