It sounds like your idler arm needs rebuilding.

When assembled, it is difficult to properly check all of the pivot points on the front suspension, but if you are finding play, that is not a good sign.

The best time to check is when the springs are removed which is required to properly change the lower A-arm bushings.

You can check the king pins by pushing up on the wheel when the car is on jack stands or a hoist.

Check the steering rod and center links ends for play by gently squeezing the ball sockets with a large pair of slip joint pliers.

In case you need them, I usually have all of the parts to rebuild the entire front end of a both B16 and B18 PV Volvos.

FYI, when properly maintained but not abused, the front suspension parts on a PV are very hardy and can easily last more than 50 years. The only expection are the lower A-arm bushings. And because of that, I have recently seen an upsurge in front suspension sales.

I am sure glad that Volvo still sells just about everything needed and what Volvo doesn't sell anymore, is available from the aftermarket.
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Eric
Hi Performance Automotive Service (formerly OVO or Old Volvos Only)
Torrance, CA 90502
hiperformanceautoservice.com or oldvolvosonly.com