There is a fuel pressure regulator (FPR) (at the fuel rail if 1993-95) if that's what you're looking for.

I don't have your starting problems, but I find that if I turn the ignition on to the II position and let the pump run a few seconds before trying the starter the car will fire and start nearly instantly instead of after a couple cranks. The pump runs for a good 10 seconds or so when you turn the key to the II position so perhaps you can do that to alleviate the problem.

If the problem really is fuel related (sounds it), the likely culprits are the fuel pump relay, fuel filter or FPR. Volvo suggests replacing the filter at 100K miles, so it's probably due and it's cheap at only around $15-20. The FPR is more expensive. If you hear the pump running every time you turn the key from off to II then the relay is probably good.

-Will
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850 / Mini