Rent the tool from www.ipdusa.com - very reasonable. They rent a shim kit, too, which I have done a couple of times. Total cost under $50.
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Darius in Albany NY '86 744 GLE (175K, given to my mother-in-law); '91 745 Turbo (174K-my 'Little Red Wagon'), '00 Toyota Camry (65K - my wife's transportation appliance)

I checked mine at 280k trying to get rid of a tapping noise. They were all within spec but just the action of depressing the bucket got rid of the noise.
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Simon 80 240 300k 17 years. 'White Lightning'

It is important to check valve clearances to make sure that the clearances are not TOO TIGHT. If the clearance is closing up, that may indicate valve seat recession or a valve head that is starting to "tulip" due to excessive heat or fatigue. Possibilities include a burned valve and burned/eroded valve seat and/or a broken valve - making a hole in the piston crown (AMHIK).

They aren't hard to check and all it costs is the price of a gasket and a bit of your time. The good thing is they hardly ever need adjusting over the life of the engine. You could probably get away with 50K checks, but don't ignore them completely just because everything is quiet. ("Hey, the kids are awfully quiet...".)

If you find one that changes more than the rest it could be an early indicator of trouble ahead. Definitely get the next thicker shim if the gap is over .018"; wider gaps are harder on cam lobes as they contact the bucket on a faster part of the cam (hence the extra noise). You will have no audible indication if the valves are too tight, so the only way to find out is to rip the valve cover off and check.

If you have a lot of valvetrain noise but the clearances are okay there is a good chance the small rubber silencers that sit at the top of the valve stem are toast, especially on a high-milage engine.

As the saying goes..."Don't do as I do, do as I say...."; at any rate, my 89, 245 has had a clattery valve or two since I bought it at 173+K, a year and a half ago. I have been told (by pro Volvo people) that the sound indicates need of adjustment/ collasped rubber absorbers/ silencer/ hushersI, which live under the valve caps that the shims rest in, and fit around the top of the valve stem. My 89 has been consitently getting 30-31 MPG on open highway (long trips), performance has been good (no need to downshift on steep hils....has the M47). So. I've left well enough alone (Don't fix it tll it's broke..).

I bought the absorbers ( inexpensive) and plan on doing a valve adjustment in the near future (before the snow flies). Currently my 89, 245 has 263+K and will have 264+ by weeks end. The last trip showed a slight decrease in MPG (28-29), and a little sluggish on those steep hills.......guess it's time to put things right. Our goal is 500K.

Enjoy.
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84, 242GLTi, 167K, 4+OD, in rehab; 89, 245 DL, 263K, M 47, daily driver; 93, 245, auto, 167K ; and other toys.

A noisey valve will not damage the engine. Performance suffers slightly with a valve that does not open fully. A valve that is too tight (from a sunken valve seat or other reasons) can fail to close fully and the hot combustion gasses hurlting through the resulting opening can seriously damage the valve and valve seat. What you hear as noisy valves is an indicator of an overdue adjustment. A lack of maintenance of tight valves can be very expensive. The Volvo engine uses shims to adjust the clearance in the valves and therefore is less likely to tighten up and burn compared to engines that mechanical adjustment. It's prudent to check the clearances at specified milages. I guess you could measure the clearances yourself and only order an adjustment if you find they are tight. A Volvo tool makes adjustment straightforward. I know of no workaround without the tool.