as many of you know by my unending supply of water pump questions, i will be replacing a water pump this summer. my new question is this: are there any cheap "while you're in there" type parts to replace? (i already plan on changing the timing belt and the water pump seals)

Kraynek:

Timing belt tensioner if it's original or you don't know how old it is. Not that expensive, and I think Volvo recommends replacement at every other timing belt change. Front crank, intermediate shaft and cam seals. Don't overtighten your alternator belts and your new water pump should last a good long time.
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Mike W., four 240s, a 740T and a 940T, Largo, FL

I'll second the part about not overtightening your belts.

Belts need to be tight enough that they won't slip or jump the pulley. No tighter. Over the years I've gotten real careful about this and have never lost a water pump or alternator due to bearing failure (after it happened once on a 122, which got me to paying attention to this issue).

Does your 1987 have the rotary AC compressor or the old York type? If it's the latter, "tight enough" on the AC belt is still going to be pretty tight. And if it starts off pretty tight, it's going to stretch. Check it after 50 miles or so.

Good Luck.

Doug Harvey