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I'd place a decent amount of money on the theory that you'll have to pull the auto trans pan to replace that cable.
WWW.GCP.SE lists the cable at $63. They are the 'official' vintage Volvo parts suppliers,AFAIK they actually bought the business of making all the vintage Volvo parts from Volvo.
Here's a pic from their website, which has all the original parts microfiches scanned and online. It does indeed look like you'd have to take the pan off to get at that cam/lever the cable attaches too.
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'63 PV544 rat rod, '93 Classic 245 + turbo
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