I had your same problem nearly 10 years ago. The Volvo dealer quoted me $6,200.00 to replace the transmission. I couldn't afford that. So, I bought the ATRA rebuilder's manual for the transmission, researched valve body rebuilders, called around, subscribed to an on-line service information vendor, and dived in.
When I got done, I realized that lots of folks were likely to have this problem, and I wrote up that guide.
It's still under the resources section. Procedure hasn't changed, but the availability of parts and rebuilders certainly has. Please take a look. Seriously. IF you're having trouble downloading it, PM me your email address, and I will send it to you directly.
Simply: drain the fluid, raise the engine about 50mm, pull down the subframe, remove the cover (9 bolts), remove the body (about 10 bolts, and 8 electrical connectors) and installation is the reverse of removal. It's not hard. It's time consuming. You'll need a transverse engine lift, or some way to raise the engine a bit to get enough clearance to get the cover off.
I forgot to add the new sealing rings in my cost list. Add $6 from your dealer or favorite on-line genuine parts supplier.
I've done this three times: on the XC, then on the '02 T5, and then on the '01 T5 that is now my son's car. The first two I had rebuilt. Easy, peasy. No modifications needed.
IF you get yours rebuilt, it's not crazy expensive, at least, not in North America.
The third time, I bought a new body on Amazon, and made the changes (S5 solenoid swap, wiring mod, spring removal) and, honestly, it shifts great.
Swapping the solenoid over is simple: one bolt. Removing the B5 spring is easy, two bolts. Lengthening the wire is easy, a couple of crimp connectors (make certain that they're oil-resistant). There are a couple of threads on this.
Now, when you're done, you'll have to drive the adaption cycle. This requires a VIDA unit to put the transmission in adapt mode. I describe this in the guide. First two times, I had the dealer do it for me, so add $75 for that (my dealer has now raised his prices on that kind of thing to ridiculous, and I have my own VIDA, so...).
Given the other stuff you've done on your car, I think that this is well within your capabilities.
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