I really wouldn't suspect the oil pump if your symptom is just a really loud noise.
And there's no need at all to pull the motor to replace a cam. Just pull the radiator and grille, the cam can come out with the engine in the car. The head has to come off to replace the lifters, though.
Worst racket I've ever heard coming from a Volvo motor was a failed timing gear. Made a sweet little B18 sound (at idle) like an idling diesel semi engine. HORRIBLE knocking and tapping noises. I thought all the rods and even the mains were shelled and rattling themselves to death.
Is your noise worst at idle and fades as the revs rise? Probably a timing gear issue. Rod knocks are often very quiet at idle, the clatter more at higher rpms, and often times worse on the overrun (when the engine is slowing down) as the piston has more vacuum on the downstroke and more back and forth force. When I spun a rod bearing in the PV's motor a few summers ago, it didn't make *any* noise at idle, unless I pulled the sparkplug on that cylider, at which point it would make a nice quiet syncopated tap noise.
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'63 PV544 rat rod, '93 Classic 245 + turbo
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