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Dear Amarin,
Hope you're well. You're surely correct as to the pressures involved. A fix - if the steel next to the pin hole is not corroded - is fine, if it works. If not, no harm done, except for expended time and energy.
As to replacing the hose, Volvo VADIS - the superseded dealer parts/service database - shows that the pressure hose for the CAM/TRW Rack is Part #9157221, which has been superseded by part #9191449. In North American markets, the Manufacturer's Suggested Retail Price (MSRP) is about $203. For the Koyo Rack, the part is #6819375, for which the MSRP is about $166. So near as I can tell, these hoses are still available from Volvo North America.
Thus, your sound advice - that hose replacement is entirely worthwhile - can be pursued using a Volvo brand part.
If robertmfranklin cannot repair the pin-hole, a new hose would seem to be readily available.
Hope this helps.
Yours faithfully,
Spook
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