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Cooling system - you're getting some good advice and some off-target. Distilled water will boil at the same temperature as tap water. Use SOFTENED water - it will not change the boiling point, but has much lower concentration of scaling minerals than tap water. It also has buffering capacity which will prevent corrosion and pitting much better than distilled water.
Distilled water is the preferred stuff when you can mix it with anti-freeze. A/F has its own mixture of chemicals to prevent corrosion, and makers (eg: Prestone) recommend distilled/demineralized water. But the rules say you can't use A/F.
With no buffering capability, or added chemistry, distilled water has no resistance to acid formation as it goes round and round in the system, contacting the various metals in there. It will eventually form an electrolyte and start eating your engine - aluminum first. Probably not important for a few hrs of racing and then disposing of the engine, so it's your choice.
Yes - run as high a pressure as you can without blowing hoses or cores, this will raise the boiling point. Get the rad "boiled" out and pressure tested. The max cap Volvo made for your reservoir tank is Green and rated 150kPa (22psi). Check that it releases pressure at this rating, then find a way of sealing the system and testing at 5psi above this. If it holds, you should be OK. At 150kPa, water will boil at about 230F.
Keep the engine-driven fan - no electric fan that you can purchase at a reasonable price and get fitted in there will move as much air. And it will put a big load on the alternator, adding another potential failure item. Just make sure the belts are fresh, adjusted right, and there's no noise from the water pump bearings. Also make sure the thermostatic clutch is working. As the engine gets hot, the fan should start to 'roar' and move a lot more air - if so, it's OK. Put the electric fan money into safety-related things like performance brake pads.
If the heater core passes the pressure test, keep it. The heater valve is a well known weak point. Replace it with a cheap hardware store ball valve operated by a cable. Better yet have no valve, which will run the heater full hot and exhaust its output outside the car. Instant additional radiator. (Jorrell mentioned this great idea on your 240 board post).
Take all advice from this board (including this) with a grain of salt!
Great project and a wonderful memorial...best of luck and let us all know how it goes!
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Bob (son's 81-244GL B21F/M46, dtr's 83-244DL B23F/M46, my 94-944 B230FD and 89 745 (LT-1 V8); hobbycar 77 MGB, and a few old motorcycles)
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