I would not change the WP - do the timing belt, along with the idler pulley and tensioner. Replace the serpentine drive belt (they wear in the grooves, and it's really hard to tell when they're worn out...since you don't know the history, this makes sense too...)
But, in talking with the Volvo techs at my local dealer, they don't see many WP failures, and they don't replace them at the 105,000 mile service. So, I have a WP on the shelf, waiting for a leak to start. Granted, you have to remove the timing belt to do the pump (and I would just install a new one at that time), but if it ain't broke...
On the other hand, if you're going to worry about this, and you do the work yourself, well, then go ahead and do it...it's another hour of time and $100 (for new coolant and a pump) when the belt is out...
Current Fleet:
2016 Tundra Crewmax 4WD 1794
2005 MB S600 (130K, Michelin AS4, HPL 0W40)
2005 MB SL600 (58K Michelin AS4, Mobil 1 0W40)
2004 V70R (147K, six speed M66, HPL 5W40)
2004 XC90 (247K, HPL 0W30 Euro)
2002 V70-XC (300K, HPL 0W30 Euro)
2002 V70-T5 (230K, IPD bars, Bilsteins)
2001 V70-T5 (125K, IPD downpipe, cat back and other mods)
1932 Packard Sedan (straight 8, dual sidemounts, original paint and interior, Shell Rotella 15W40)
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