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New to this board, former 240 owner, replaced nearly everything on mine at some point during our "relationship".
If you use the 240 caliper, try Repco semi-metal pads, Rusty at RPR in California should have them if eBay doesn't. Volvo also sells crappy pad sets that come with some useful anti-squeal devices, the pads won't last long and will turn everything black, but the devices are worth having. If you can use a Volvo-spec rotor, consider the ATE "atomic" ones, atomic because they have electron-orbit ventilation grooves in them, they hold up very well.
240's have a godawful octopus-like gadget that proportions and warns if there's a leak, it has something like 8 lines hooked to it, lives at the base of the firewall. Use anything else for a junction, the things often develop leaks, usually blowing out the warning switch. What a PITA it is to replace and then bleed all those lines! Or you could plug the switch hole with something like JB Weld.
That said, I had a wagon with lots of tools and other stuff in it, lived at the low end of a 12.5% grade, could go blazing down it and come to a quick halt for my turn at the bottom. Damned good brakes when they are right and have good pads. The atomic rotors never warped under my punishment.
Looking forward to picking up my JH and being a part of this group, will probably end up doing the brake conversion myself someday.