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My Opinions:
If you know what the previous owner used stick with the same oil. My mental cost/benefit analysis says it is not worth the risk to change type of oil in an older engine.
Rear diff: How hard do you drive it and on what type of surfaces do you drive? If dusty dirt roads change more frequently than the 50k you might do on pavement.
Timing belt: Do you rev it up high for long periods or are you conservative? If conservative you should be able to follow the Volvo interval. If it breaks it might be at an inconvenient time and place, or be dangerours as you loose all power assist to brakes, steering. Or you could get stuck where no one knows anything about replacing it let alone can get the proper belt. Or on a dark cold night. You can inspect the belt periodically by taking the cover off and checking for oil on it, heat and age cracks. How do I know? The day I bought mine the belt broke on the drive home at night after only 11 miles. The P.O. was a penny pincher. Fortunately he was also a good guy and paid half. But I was going down the freeway when EVERYTHING shut down. Not fun. In the ten years I have owned it it has redeemed itself.
88 245A wagon 300k+ miles.
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