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Well, I have done the water pump job in question about a half dozen times over the years and it's no picnic. To be done right, you'll need to pull the intake manifold. The repair shops wanted to charge my friends a similar amount and that's how I wound up elected to perform the task. Overall it's not extremely difficult but there's a lot of things to remove and wires/hoses to label. Need a bunch of things like intake manifold and Y-pipe O-rings, copper washers for the fuel injection hoses, and a few other odds and ends in addition to the hoses and pump you're already looking at. Probably also wind up replacing the engine V belts at the same time.
With regard to the timing cover gasket, I've never done one but i can see its going to be a similar incovenience. To do both jobs, some of the stuff to remove for the water pump will be the same items needed to remove in order to pull the timing cover. The block is aluminum so you'll need to be real careful not to nick anything unless you want a leak worse than the one you have now. You have to set the motor to the overlap mark and remove the starter, jam the ring gear so the crank can't move. Volvo sells a special tool to hold it in place. I would have someone verify the leak location with a dye indicator before tearing into it.
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80 262C Coupe- (FSO black, M46, original) 82 244GLT- (auto)
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