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Joning,
The first thing I'd suggest is getting the Bentley Volvo 240 manual, you can order it on line and Amazon.com ,as I recall they offer the manual at a much lower price than places like IPD. This manual is a good investment and will provide detailed and clear info on suspension and many other Brick repair subjects. Replacing the rear shocks can be done with standard hand tools and is relatively easy. Good jack stands are a must as you need to remove the rear wheels.It would be a good idea get a torque wrench for precise tightening of the shock bolts. It's an important and useful tool to have for many other repairs.
The front inserts require a good spring compressor. I'd stay away from cheap-o compressors if you buy one. I found a great, super well made, USA, spring compressor set at Sears for about forty bucks. I ordered mine online then picked it up at a Sears local store. Well worth the investment if you have a number of Bricks to work on, I've used it on several of mine and it's a great,well made tool. You need to be careful and have good instructions (Bentley) for doing the inserts as the springs can be quite dangerous if miss handled. As far as shocks/inserts ... IMO gas is the way to go and Boge or Tokico gas shocks/struts have worked well for me. I wouldn't use cheap domestic brands or KYB. Shox.com is a good source, fcpgroton.com has a full line of Volvo parts including shocks as well. You may want to replace the rear springs with heavier duty, progressive wound coils, but if the originals are in good shape you probably don't need them for moderatly light towing.
Do get a Bentley manual if you are serious about doing your own repairs.
Hope this is helpful.
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