It is quite an easy job to do and I suggest that you replace all of your rear end bushings at the same time. I also have the 67 traling arms and I believe that you are speaking of the large cylindrical bushings. When I did my bushings the original rubber replacements were very very expensive, but IPD had just come out with poly replacements. I would suggest just jacking up the rear of your car and putting it up on jackstands, I don't see how a lift would make the job much easier than it is. There are only large obvious bolts holding the upper and lower trailing arms in place. After your car is jacked up, jack up on the rear end and onbolt the limitng straps and shocks and carefully lower the rearend so as not to explosively release the springs. Remove the arms and the panhard rod. The whole exercise should take about an hour (most of that time will involve safely supporting the vehicle and figuring out which wrenches you need). Now you take your trailing arms and you go to your friendly local volvo shop who is used to doing such things and you have them press out all of the old bushings and press in the new ones for fifty bucks or less (my volvo shop buddy usually does such things for free) Then they go right back on the way they came off. The nice thing about the poly bushings besides the price and availabilty is that they don't require a press to put them in (don't forget to lube your poly bushings.)

A final note to this story is the sad fact that on the suspension setup for this year, a pair of the traling arm mounting points which is welded to the body is of a smaller gauge sheet metal than all of the other points. The mounting hole of this item can be easily stretched out of round and can cause a persistent clunking sound when you accelerate or stop hard. So if you have any sort of machining services available to you, I would attempt to beef up this spot and make sure that the hole is round. Otherwise you will put everything back together and you will still get a clunk.