The B20E engine is rated at 130HP in stock form according to www.volvoworld.com, and the IPD cam kit may add 10-20HP (just a guess), so it might be a pretty quick car. With the short shift and sway bars, it will definitely be fun to drive, and it will likely be one of a kind in a high school parking lot (one person from my high school drove a classic Volvo, a '65 544, out of over 2000 students). You may not win many drag races, but you won't get left behind either. The 140 you describe is probably more suited for road racing rather than drag racing. Is it a 2 door or 4 door? What year is the car? Someone can probably tell you what the car weighs based on that information. Don't forget to check for rust in the floor, trunk, and engine compartment.

Good luck.