If you have a carb the proper fuel pressure will be on the low end, the 3-8 psi spec you cited.
A 99 Volvo for sure won't have points, they used the Prestolite BID system on early models with electronic ignition and later they switched to the Delco EST IIRC.
You have an electric fuel pump, check the connections carefully, I think they are in the area where the raw water pump is (belt driven or in the crank pulley area?)
