Here is the idle setting details per my Volvo 700 series repair book and it can even be found online – I guess I just did not look hard enough prior to posting the question. It states:
Ground the CIS test point which is the red/white wire in the two wire connection located across from AC compressor. Doing this will move the air valve to the wide open position. Using the black plastic idle screw, adjust the idle to 700RPMs. Disconnect the ground wire from the test point and the idle should move to 750RPM.
So there is the solution to my idle question and idle adjustment. I adjusted my idle this weekend and found excellent results.
Now, I’m onto the hunt for an ignition curve, I’m interested in seeing what it looks like for the US 780 V6. I will let you guys know what I find, IF such information is even out there.