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"...cold it runs very rough and smokes...What else could cause this cold-rich condition?"
Just as the fuel distributor was gummed up, the control pressure regulator may be gummed up. This device sends a control signal (in the form of a varying hydraulic%#151;gasolinepressure) to the fuel distributor. Low control pressure causes a rich mixture, high control pressure leans out the mixture.
I believe a counterintuitive symptom is rich running with low system pressure. Your best bet is to install the Volvo fuel system pressure tester (at the cpr) and monitor the pressure at cold start-up, and as the engine warms.
"...idiot lights display dimly when vehicle is in operation...Bad ground somewhere?"
Maybe. But also a weak voltage regulator (inside the alternator but separately replaceable) or worn brushes can cause this.
In a car that sat for several years, you might also clean 'n tighten (=bend) the fuse clips in the fuse panel.
Don Foster (near Cape Cod, MA)
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