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I have some experience with modding Volvo's for fuel mileage.
I had a 81 242 GLT 2.1 liter Turbo with a M46 manual transmission which I never modded for mileage.
On the other hand I modded a 1987 Turbo 745, Highway mileage went from 525 Km per 60 liter tank to 685 Km's.
1. The early 240 is geared horribly for gas mileage.
If you have an automatic transmission look at swapping it out for a M46 and replacing the rear end with 3.31's.
2. Make sure due to your colder winters that you fill the engine, transmission and differential with quality synthetic fluids.
3. Before you spend the time and money on the belly pan you may want to start by lowering the car by 3 to 4 cm. That will give you the same effect as the belly pan with out all the work.
The 240 is a tough car to squeeze fuel mileage out of due to the high aerodynamic Cd your pushing through the air. Speed is your enemy with this particular car.
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