The car is a '92 240 w/ 5-Spd manual and LH 3.1 with 226k miles. The problem is that it runs like absolute garbage the first 4 or 5 miles in the morning, bucking and hesitating when the go pedal is pressed. The idle is pretty unstable when it's cold as well. There is no check engine light on and the car runs great once it's warmed up.... which leads me to believe that it's not a mechanical issue, but an electric/sensor issue.

I checked the intake hose and cleaned the MAF and idle air valve the other night with no change. I checked load on both fuel pumps and found that they are both working exactly as they should be. Plugs have maybe 10k miles on them and the wires are OE Volvo w/ 30k miles. It just passed emissions testing pretty easily on most measurements, but NOx emissions were kind of high at about 70% of the limit. I believe it's been a bit over 35k miles since I've done a cap and rotor on the car and I haven't looked at it lately. Any chance that could be the culprit?

Any ideas on what else to check?