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Doubt it is the pump. Volvo main pumps usually last a very, very long time (maybe forever...:) My 240's was still going at 300k+ when I sold the car and my 850's is still going at 232k. Try switching the fuel pump relay with a known good one before even considering replacing the pump or the fuel pressure regulator.
Check your starter. Mine just went south on my 95 855 GLT and the symptoms were similar. Started fine cold and was difficult to restart warm. If it is the starter, your best bet is a rebuilt Bosch (OEM). Cheaper than new and I understand that aftermarket starters are often cr**. Got a 2 year warranty with the Bosch rebuilt.
Check out my recent post. Good luck!
http://www.brickboard.com/AWD/volvo/1586439/850/hard_start_now_update.html
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