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I discussed this with another Volvo owner with lots of vintage car experience here at work and that's his consensus too. I didn't see any grunge or corrosion in the connector when I pulled the relay but I didn't look THAT carefully. I'll bring my dental tools, inspection loupe, and some conductive grease tomorrow when I go to install the ignition module. I can't imagine the wires to the relay have deteriorated but I can easily see poor conduction at the connector causing my no-start issues.
IF that's it, WOW - $200 in parts to fix something that otherwise would have been free. The cap & rotor needed it anyway, as did the CPS which had a split outer sheath. Under-hood relays are also a known failure item.
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