A mate of mine many years ago had a 242 which he converted to take a Mazda 13B rotary engine & it went like a scolded cat. The handling was excellent.
I don't think it's worth creating another thread, but in case anyone looking at this thread is at all interested, this is my doesn't-get-driven-in-the rain car (the thumbnails are links):
It's not "restored" per se, and if I were doing it now I'd do it a bit differently; but using 940 Turbo bits on a 240 & being sure they would fit wasn't a Thing when I started 17-ish years ago! So it's got custom exhaust manifold, water/oil piping, dump, intercooler & associated piping etc - which I could've sourced from other RWD Volvos. Also has a fairly lumpy cam, MoTeC M84 running it, LS1 coilpacks. TrueTrac LSD, W58 Supra 5spd, Bilstein Sports, I had it measured-up for springs & East Coast Suspension found some VC Commodore King's Springs with exactly the right specs, most bushes are Nolathane, and everything steering/suspension is new.
And when I was driving a VS Ecomoo Berlina for a daily (ie. until last year) the Volvo felt firm, fully controlled & just-right.
Now I'm comparing to a VF Redline is a daily, the Volvo now feels a bit vague & not-feedbacky-enough.
Anyhoo, it goes better than something with a stock 13B in it would ... although a 13B is capable of more power for less money than the 2.3L Volvo engine in it. Having said that, it's probably hard to find a 13B these days!
There's one thing missing from your Volvo that's an absolute important accessory & that is the hat on the parcel shelf.
I've not done the interior yet, but when I finally get around to it - I'm getting some heavy-duty Velcro attached to the parcel-self so the panama hat can be stuck firmly in place.
I even fitted mudflaps (the last OEM 242GT ones in the country apparently - shorter to suit the lower standard ride-height) to this end.
But enough about me ... let's talk about me^D^Dthe 244GL!
I've always been interested in that colour, it's so eye-searingly early-80's WHAM-style HyperColour. Nice to see a GL being restored, they were so common when I started on mine that most people just haven't bothered ... one of these days I may regret not restoring a GT but instead totally changing it; but not yet for me.