The OEM pump assembly and new seal was waiting for me when I got home yesterday. Thanks Groton. Due to time constraints and necessity, I just bit the bullet and paid the man.

On first inspection, it's obvious that the pump motor is the smaller diameter unit being sold by auto parts stores. The original Bosch pump is 43mm in diamter, and still available through IPD. The common replacement is smaller, maybe 33mm and has a larger spacer. See pics below: (cut and paste in your browser)

Old:
http://img.photobucket.com/albums/0803/eroman/850/HPIM1119-1.jpg

Volvo replacement:
http://img.photobucket.com/albums/0803/eroman/850/HPIM1147.jpg

So, given more time to experiment, the generic replacement could actually work and save you several hundred dollars.

The replacement unit has an additional single ground connector which can be run to a suitable point near the tank.

Old wiring on right (red), new on left w/ added ground jumper on neg side.
http://img.photobucket.com/albums/0803/eroman/850/HPIM1150.jpg

The new pump was in secured in the tank in 10 minutes using my special tank bung nut tool.
http://img.photobucket.com/albums/0803/eroman/850/HPIM1153.jpg

With relay 103 out, contacts 15 and 83 still jumpered, a hose on the fuel rail, and the key in position II, after a few seconds of just air, a steady and strong flow of gas ran into my catch bottle.

Relay back in, schrader valve back in and go. The car started instantly.

Then the storm hit Memphis, again.

So, even with my original pump making the appropriate whining noises, it was dead. (bad diaphram?)

This might also be the reason I was getting occasional CEL with 2-3-2, too lean?

We'll see.

Thanks for the feedback and help guys.

Erwin