Nice Acquisition. While you are dong this, flush the power steering fluid, and consider putting in an in-line filter available from Brickboard sponsors. Some used Volvo shops add an inline filter in the return line to protect the rack, some warranties require it when the rack is replaced which thankfully you do not have to do.

Pressure hoses are two connections, one at pump and other at rack. Difficulty depends on available tools, and skills. Generally, what you do is use flare nut wrenches and crowsfoot flare nut wrenches to get fittings loose. Very cheap at Harbor Fright Tools. Flare nut wrenches grip on five of 6 sides, sometimes called a tubing wrench since they are notched to fit over tubing.

If you have not done hydraulic work before, a couple tips:
1: Always use two wrenches on each fitting and squeeze them together to loosen/tighten fittings--otherwise things twist and distort. Look carefully and you will find all hydraulic fittings have a holding nut and a movable nut.
Another hint, if a fitting on the old hose seems frozen, use PB Blaster and a six point socket after you cut off the old hose you are going to throw away anyway. Always take apart only the outer two nuts as if you have multiple stacked fitting nut flanges, usually it means there is a relief valve in line with the fitting.
2: Since most fittings have finer threads in costly parts, when installing, it's real easy to cross thread unless you present the fitting, that is, rotate it in the direction to unscrew it until you feel the thread drop, then rotate to screw it in and again use the two wrench technique.
Other things are remember not to bang up the flare fitting ends, do NOT use silicon/RTV on threads except NAPA Syl-Glide or the hydraulic oil on any o-rings. Also, do NOT use Teflon tape or dope, both can contaminate and cause failures.