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It's difficult to say without knowing the history or mileage of the car but if it's been well cared for you have a better shot at getting it in compliance.
If I were in your place I would first set the basic idle spec. Sfraser is on the right track (timing, mixture, etc.). I'm always singing this song here but it's something that can go ignored for a long time on older 240's and it will affect the car's emissions. Look at this info: http://www.mvpvolvo.com/content/documents/setting%20base%20idle%20CIS.doc
If you or someone you know can do these things (skip step #6 as it doesn't apply to your car) it would be a first step in the right direction. And it might be all you need.
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'80 DL 2 dr
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