IMHO, The question is - how much more will your mechaninc charge to do the water pump??
If you are at 150k... are you really confident that your water pump will last another 70k?? If so - then save the $$ If not, however, then you will likely pay twice (now, and then 40k from now when the water pump goes) to get to the same point of t-belt dismantling.
I did all myself this past week... T-Belt, T-Belt Tensioner, T-Belt Tensioner Pulley, Idler pulley, Drive (Serpentine) Belt, Drive Belt Tensioner Pulley, Drive Belt Idler Pulley, Water Pump w/ complete coolant change/replacement... for me I also did a complete vacuum line / elbow replacement, Oil/Filter and Plugs (a full set of plugs being cheaper than 2 gallons of gas now). I just got back from a 3 hour drive... Smooothe. My gas mileage jumped about 6 mpg (I had a leaking vacuume hose before), and I can not tell you how much I value the peace of mind.
If you do not know the history of the car and the coolant looks remotely poor, my 2 pennies are to change the coolant out anyway and go to the Volvo Brand coolant regardless of what else you do; so with that said, and all the way down to the water pump for the T-Belt change, at 150k, I would go for it, but with the Volvo OEM Water Pump.
Cheers
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1995 850T Wagon 120k
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