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All things considered, if cost IS an object I would have no qualms replacing just the offending caliper with a rebuilt. However, if the rotor on that wheel has been chewed up because of the frozen caliper, then I would turn or replace BOTH rotors on the same axle, and put on fresh pads and shims (shims are the steel backing plates between the piston and the brake pad backing plates; Teflon coated these days to minimize brake squeal). Since calipers are fundamentally simple hydraulic devices, I don't think that one rebuilder is head and shoulders above another. However, as long as you deal with a reputable retail outlet who stands behind their stuff, you shouldn't have any problem.
If it's YOU that's going to do the work, then be aware that Volvo 240's without ABS have a peculiar bleeding sequence due to their dual-diagonal brake system. Chances are, you won't have to bleed more than the one corner you're working on; pop the cap on the master cylinder and put a piece of Saran wrap over the opening and reinstall the cap - this will stop the reservoir from venting to atmosphere and limit the amount of brake juice which will piddle out when the old caliper is removed. I would also squirt some brake fluid (DOT 4, of course) into the caliper before installing on the car. And give the brake line fitting (where it screws into the caliper) a shot or 2 of PBlaster a day before you do the job, just to help prevent dealing with a frozen connection.
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