First, let me thank you all for your help and generosity! Without your help i wouldnt have gotten as far as i have.

I have managed to get the timing cover off of the B280 now and measured everything the manual says and it is ALL in spec. GRRRR!

I would appreciate some more input on a couple of things i found. First, once i got the pully off (thanks for the rope trick! Worked like a charm.) I noticed that the sleeve had been cracked, probably due to the bolt being over torqued at some point. The only obvoius damage was to the key, though it doesnt look like the pully slipped on it, or if it did not too much. I did however find what looked like some metal shavings in the chainway, i presumed they were from the key. I am nost sure if this could have contributed to the low oil pressure issue i was experiencing but it is suspicious, i'll know more once i get the oil pump chain pulled off.

Also, a number of you have mentioned that the crank bearings could be a possible cause, even though the Volvo manual doesnt even mention this as a possible issue. Since the book is silent on the whole bearing issue i was wondering how i could spec them out and see if there was any issue here.

For the same of making things easier, i have posted some pics to look at, hopefully this will help. http://webpages.charter.net/jjerickson/Volvo1.htm

Again, Thank you all for your help!
Jesse Erickson