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Recently there was a car on ebay recently with a Chebby LT1 V8. See the link at the bottom.
The red engines are not that much lighter than, say, a Rover/Olds Aluminum V8. It would be possible, though. The biggest issue with swapping a V8 into the 122 or any old Volvo is the crossmember location. The sump has to clear it and some of the otherwise attractive Ford V8's have a front mounted sump. Hot Rod Magazine wrote an article about putting a 289 Ford into a 1800 in 1962 or 63. A 122 would be the exact same steps. Sorry I don't have an exact date for the issue.
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