If you have a 2.4 / 2.5 family engine, you don't have to remove the damper pulley. There is a plastic cover that wraps around the lower half of the crank sprocket that you can remove in order to slip the old belt out and the new belt in.

If you aren't replacing the cam seals, or removing the sprockets for any other reason, then you don't need a cam locking tool. BEFORE you remove the old belt, crank everything around clockwise until the cam sprocket marks align with the notches in the upper cover. Then mark the crank sprocket to the engine case with a Sharpie in a way that you understand where it should end up when going back together. I suggest making your own marks as the factory alignment marks are vague at best. Then pull the old belt off. Don't worry about the VVT business - that will take care of itself. If it was timed right before you pulled the old belt off then it will be timed right when you put the new one on.

Whenever I have done this job (only twice) my biggest challenge was the accessory belt - holding the tensioner back while getting the belt routed into place. A third hand would be nice.

Watch this video in order to instill courage. (He removes the damper pulley but it's not necessary.)

https://www.youtube.com/watch?v=IK_zH8g8Fow

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Current rides: 2005 Volvo S80 2.5T, 2003 Volvo V70 2.4NA, 1973 Volvo 1800ES (getting ever closer to road worthiness)