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Ben:
Try alloemvolvoparts.com for the speed sensor, just click on one of their banners here on Brickboard. The part you need is under "Engine Electrical"; they list it as a "Reference Sensor" - engine speed at flywheel, part number F6010-36889 for $31.80. As for the other problem, it sounds like it could be a fuel pressure issue. I've gotten the same 1-3-1 and 2-3-2 codes from my son-in-law's '90 244 which I believe has the same LH 2.4 FI system as your 740. We first thought that the coolant temp sensor was faulty, fooling the system into thinking the engine was always cold, causing an overly rich mixture. Turned out to be his fuel pressure regulator was pressuring up and allowing nearly full pump pressure to go to the injectors, making the car run very rich. We replaced the FPR, cleared the codes and the problem hasn't recurred in over a year. Alloem has the FPR for your car too, it's Bosch 0 280 160 294, their C3000-13006 for $36.35; although we used a $5 PAP junkyard part on his car. Can't swear that this will fix your problem, but he had the same codes and it fixed his.
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Mike W., four 240s, a 740T and a 940T, Largo, FL
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