Just wanted to post an update.

I disassembled the cover and found there to be quite a bit of debris in the area where the neutral safety switch is. There was a fuse that had slide down there and a few coins pretty close to it. Additionally, the wire that comes down the side of the gear selector (on the passenger side and is held by a clip) was worn through the wire jacket, but not insulation. Future problem waiting to happen. I also suspect someone spilled a soda or something in there...it was really sticky and the seat heater switches are toast. Anyway, I found a site that has the part for a reasonable cost. Once I cleared everything out, it worked well again. I think I'm going to replace the part though, there was alot of smoke, so something was sacrificed....

http://www.thevolvosite.com/740/volvo-740-switches.html