The straight pipe could still be a Volvo thing. I had the front half of the jury rigged exhaust on my '79 242 replaced with a straight pipe that was Volvo OEM for '76 240's. Check your door frames for rust where the window frame joins onto the body of the door. Mine has issues there, and I've learned from the body shop owner (he's a Volvo fan as well) that this was a common 242 specific rust problem. If the body is pretty solid, then everything else can be taken care of. Rust is what kills these things in Michigan.

P.S. The white headlight surrounds could have been off a 1980 242GT, but I think the white headrests look factory and the seat covers are done well, so maybe it is a special factory edition. Are the seats themselves in good shape?