I worked for Volvo for 31 years; used to wrench on these at the dealership when they were just "used cars".
I have no clue if anyone's V8 would fit; have never seen a conversion on an 1800, but have seen them on the full-size Volvos.
Off the top of my head:
Pro's:
* mechanically robust
* comfortable to drive
* easy to work on
* still relatively affordable
* most mechanical parts available
* good to great club support and aftermarket parts support
Con's:
* watch for rust
* body and trim parts unavailable or very pricey
* any needy car will have you upside down value-wise quickly
* slow, with a cast iron 4-cyl engine
* I think they drive like a tractor; don't expect it to drive like an Alfa
Bottom line: it's a Volvo, so think strong and durable, and not necessarily sporty. You won't see yourself coming and going at every cruise night. As they say in the magazines, buy the best one you can afford.