Hi,
Well it's been a while since I've seen a 262c so cant remember the set up, I guess from your post at the moment it has a 3spd auto, if so a 4spd auto would be a useful and practical update and depending on what condition your vehicle is in the less involved of your options and keeping in mind the 262c was meant to be a cruiser and not a balls out GT car more original.
However as an automatic only license holder I would be considered a little biased.
Other things to consider; does the 262c have the same mounting points for the prop shaft centre bearing? Would you need to get a custom prop shaft made for any of these conversions? Did Volvo use different final drive ratios in rear axles fitted to automatic transmissions?
The car is pretty rare do you want a car that is original or a car more in keeping with what you want.
I run a 240GL, not as rare as your 262c but slightly rare these day's especially in my neck of the woods, its not a show boat by any stretch, but I keep an eye on things and make additions that I feel are of use to me, for example my extra lights are not for show I do a fair bit of continental driving and I noticed years ago that some beam convertors tend to limit the usable light.
Anywho, if it where mine I'd fit an AW71 (4spd auto) the 0.69:1 OD is better than most manual top gears for its time allowing decent mpg even from a 2.7.
Hope that was of some use.
Scott
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