Having just done this on my '83 240,(my first attempt at the trailing arm bushings) I can share a little experience. You need the tool, either the Volvo one, the ipd copy or the homemade version. I picked up a used version of the Volvo tool a few years ago on ebay and this was my first use.
For removal I used a trick my mechanic showed me. Use an air chisel and split the shell the length of the bushing. This will allow you to crush the shell a little and removal is easy. Installation is straightforward but will require a little patience and a lot of strength. I used a 14" pipe wrench on the large nut on the tool for max leverage. It also helps to get the car up as high as possible, assuming you don't have a lift. Good luck.

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'93 850GLT
'89 765T
'83 242TI Flathood