First off, thumbs up on the Volvo wagon!!
Now, we had a 700-R4 in our Camaro we did two races on it and then it blew up. The next one only lasted one race at which point we swapped out to a turbo 350 and never had an issue since. We have since swapped out to a Corvette with a stick in it.
We ran an oil cooler out of a cube truck it was about the size and thickness of a hotel Bible. In both cases we added deep sump pans (cheap and easy swap meet finds!) and...we installed a trans temp gauge. On hot race days if the trans started to get hot we would back off for a lap or two and then be good to go. Beyond a BIG cooler I think the temp gauge is a must have for a Lemons auto especially if its in a bigger car like a Volvo wagon.
Best of luck boys.
Team Sucker Punch:Winner Org Choice award Were the Elite Meet to Cheat 2015
Chevy Camaro (Tiger striped #38) (1989-2017 RIP old friend)
Chevy Corvette 1984......and still racing!