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Hello Phil,
If given a choice, I'd suggest the M46 for several reasons.
1st, the M46s are stronger than the M47s and that's why Volvo used M46s with turbo engines.
2nd, all of the new parts we normally use during a standard rebuild of an M46 are available except for 1 part. Although M46 and M47 share some internals parts, several of the M47 specific bearings and parts are NLA and are hard to find. About a year ago, we ordered 1 of the NLA M47 bearings from Russia. It took over 4 months to get here, but it did show up.
3rd, the M46s are easier to rebuild.
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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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