Sounds worth doing after that experience. The AC systems in these cars can work very well.
Your first project may be trying to figure out what (if anything) needs to be replaced in the system. The compressor might well be OK. You can do a basic check by seeing if the pulley can turn by hand and testing the clutch electrically. If it seems OK, you can take the car to an AC shop or mobile service and have them pull a vacuum on the system to see if it has any major leaks. If it holds then you may as well let them add some dye and give it a charge of your refrigerant of choice, then see what happens. R12 seems to work the best in these old systems but some simple conversion parts and R134a works almost as well, at much lower cost and easier availability. I have R12 in one of mine and R134a in the other and the difference is minimal, both cool effectively. If the system has been open or leaked out for a long time they may recommend replacing the drier as well.
If it does need a compressor then one option is to use a compressor from a gas Volvo, mounting locations are close enough to interchange. Some can use the same lines, others you need one or two of the lines from the gas car also but the B230 installation is very similar so the parts fit fine and work well. If other replacement parts are needed much of the system is based on GM designs and as a result many of the common replacement parts are easy and cheap to buy.
Getting an old and long defunct AC system back up and running can seem like a large task due to the number of unknowns, but if you can be systematic and have a little good fortune it can turn out to be less trouble than expected. Good luck and hope it's a success, keep us posted.
