Sounds like you should check the wiring harness in the area of the cold start valve, and ECT. You can also remove the cold start valve with a cold engine, stick the nozzle in a jar, and crank the engine, looking for fuel spray from CSV.

I am in the process of tracking down the correct eprom upgrade kit for my wife's 95 945T. Evidently, there was a service bulletin (28-102) that identified a cold start/cold idle problem in the "red" engines with LH 2.4 FI. Something about how EPA rules regarding low fuel volatility were not accounted for in ECU eproms. Right now, the chart I got from Volvo doesn't have my car's ECU code on it, so I don't know which eprom kit to order (about $90). Check with a dealer if you need more info.

Another poster also suggested a course of adding fuel system anti-freeze (removes water from fuel) three succesive times to next three tank-ups. I am in the process of doing this, but I am not overly optimistic. Also, be sure to use known good gasoline.

The OD thing sounds like a classic relay problem. Check the 700/900 FAQ for info on this. You can probably just resolder contacts to fix.