After doing the timing belt on my 2003 V70 2.4, I've come to the conclusion that the damper pulley doesn't need to be removed. I've since read posts on either this site or Mathews Volve Site that confirm this. You will need to remove the plastic dirt shield that runs undernieth the sprocket - (2) 10mm hex bolts I believe.

People that have done it this way claim it is harder to remove the old belt than to insert the new. If that's the case, maybe just cut the old belt and pull it through.

I'm going to try it this way when I do my wife's S80 belt (within the next couple thousand miles). If it doesn't work, then hey, what was lost? Go ahead and remove the damper then.

The catch is, once the old belt is removed, you don't want to be turning the crank shaft independant of the cams - piston/valve contact could occur ($Ouch$).