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Assuming your M45/M46 is the early version with coarse input shaft splines installed up to 1978, then yes, your M40/M41 input shaft can be used as clutch alignment tool and in fact that is what I use even though I have an original Volvo clutch alignment tool and several plastic versions.
BTW, the B18, B20 and early OHC equipped Volvo through 1978, all use the same clutch kit.
Be aware that it is possible to replace an early M45/M46 with the later versions made after 1978 and those have a fine spline input shaft and would require a different clutch kit.
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Eric Hi Performance Automotive Service (formerly OVO or Old Volvos Only) Torrance, CA 90502 hiperformanceautoservice.com or oldvolvosonly.com
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