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Hello Jake:
The B28F is an intimidating motor to work on, and not well understood by non-Volvo mechanics. The valves are solid, not hydraulic, so they do need to be adjusted at regular intervals. Are they making noise? I would look elsewhere for emissions problems unless there is an obvious clatter...
$32 is a great price for a B28F water pump (dealer price is around $150!).
The pump-to-head hoses are molded, and they are a pita to install-- sharp curvature over a small run. For leaks in the V, look at the smaller heater return hose and the gaskets under the junctions going into the heads too. Sealing up the back of the water pump housing can be a little tricky too...
If you have the intake off it is a good time to look at your knock sensor, replace your intake seals and injector seals. Getting at the RPM reference sensor would also be easiest then too. I have read online somewhere about how to change the water pump without actually pulling the whole intake. Do a google search for "B28F water pump replacement" or something like that...
It might be worth pulling a valve cover and having a look at the cam condition before proceeding too far with the car unless you are willing to put a lot of time and effort into the car.
I run high detergent diesel 15w40 oil in my B280F. Change the coolant regularly-- the aluminum internals can corrode castastrophically if you don't causing coolant-to-oil leaks that are a bear to repair.
Good luck with it!
Herb Goltz, London, Ontario, Canada '89 760GLE w/170K mi
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