I think you have two common problems, the PNP switch (about a 2 to 2 1/2 hour job for your first time) and a shift microswitch in the center console. However, I seriously doubt that your ABS module is giving you any trouble right now. The standard failures related to solder joints, etc., and the quick fix of sending it to Victor, relate to '96 and on systems which are quite different from the '94 you are dealing with. I understand that the nd '95 ABS is very ropbust adn seldom fails. When the PNP fails, it messes up teh reverse lights, and puts teh car in limp mode which feels like a badlu slipping transmission with funky shifting problems. In addition, the ABS and Traction lights on teh dash start blinking, and the light on the shift mode switch on console starts to blink also (the switch with winter, economy adn sport settings). I would fix the PNP first, reset codes, and see what else acts up. I bet all of teh odd lights and shifting isues go away with just that. The microswitch can be done at leisure, since you can always override it with the button.
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Mike Sullivan '07 XC70, '95 855T (100k), '95 855 NA (148k). Past Volvo's: '85 744 (256k), '86 245 (165k), '86 245 (195k), '88 745 (208k), '91 745 (196k), '93 965 (147k) , '98 V70XC (98k).