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Maybe I've just had bad luck, but I've gone through two harmonic balancers on our 87 760T....240K miles.
I'd replace the timing belt tensioner, certainly at 225K if it's not been replaced. General rule of thumb is to replace the tensioner every second belt change...they're cheap. Try FCPGROTON.com for mail order.
Consider or just do it...replace all three seals, cam, intermediate(oilpump) shaft seal, and crankshaft main seal. You can easily fabricate seal installers from PCV pipe/fittings with a little filing or handy with a sanding disk (outer/ID to fit the block casting/seal OD). I use a little loctite to install/hold the seals in. Use a hook/seal remover (I got mine from Home Depot for about a buck) to yank the old ones out.
Replace the v-belts...cheap insurance and it's schweet how quiet new ones run. Amazing how noisy even two year old belts are....guess it's the weather/ozone/pollution or whatever.
Fix or replace the belly pan....if it's missing, get a new one.
Buy the harmonic balancer holder...relatively cheap special tool and it avoids a lot of problems....check your local volvo club and you may be able to borrow one and/or from someone with one in your area.
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