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I've always found inventing new strings of profanity is a lot more meaningful when arranged on the spot.

Tool recommendations include 1/2" socket set with a 24" breaker bar. A good set of box end wrenches up to 1" will come in handy as well even if they are not metric. Spend a couple of days with Kroil or PB Blaster and a set of dental picks at the points where the old bushings are in contact with the "ears" on the axle housings- don't skimp here as this repeated spraying and scraping/picking pays real dividends.

There is no substitute for the bushing tool- whether it be the Volvo or the homemade it is necessary in my mind. There is a good set of plans for making the homemade one at:
http://www-ese.fnal.gov/People/wilcer/volvo_trailing_arm_bushing_tool.htm

While you are back there this would be the time to check out all the other bushings in the rear suspension system. Some people suggest that the trailing arm bushings available as aftermarket are not as good as the ones from Volvo. They may be right. I replaced a set on an 88 DL and recently I have heard noises close to the ones bad trailing arm bushings make. So far I have resisted checking them out as I am not fond of replacing them.

You might want to make a seperate post concerning advice for preparing for the trailing arm bushings replacement. The more forearmed you are for this task the better off you will be. Good luck.

Randy