Previously I owned 2 - 850's but I never needed to replace a fuel pressure regulator or pump so I don't know for sure. From my readings, I'd check above the steering rack near the passenger front wheel and also next to the fuel pump.
Before throwing parts at it - the pump in particular is expensive!! - I suggest doing some more reading on how to test them. Matthews Volvo site has a lot of info on the FWD/AWD cars. Maybe rent a fuel pressure gauge? Personally don't know a lot about diagnosing with them but I believe a fuel pressure gauge should help with the pump diagnosis anyway.
Having replaced a FPR on my 240 one thing I do know for sure is that if the FPR is weeping fuel it is done. Check for odors/leaks.
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Will I buy another Volvo??? We'll see....
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