Definitely take out as one and fit back in as one, you can leave the turbo etc on as the exhaust manifold, inlet manifold and thermostat housing nuts hold the engine lifting eyes on to the engine.
I've converted mine from automatic to M90 and done a few engine in and out jobs including a B200F and M47 to a B230FK and M90 so feel free to give me a shout if you need advice on any of it.
https://www.volvoforums.org.uk/showthread.php?t=290481
There might be some useful information on there for you.
I put the dogfish flywheel on mine and it rattles badly on overrun especially in 2nd but it's worth it for the throttle response improvements. The TTV flywheel and 850R setup appears to start slipping around 300hp and the associated torque that comes with that power, so if you're aiming for more you will need the stronger Sachs pressure plate which if memory serves is called the Sachs 707 pressure plate, this should give it a bit more clamping force.
I'm yet to get to that power myself but it won't be long before I do, I have been looking in to it and a few people are finding the TTV and 850R setup slip so it's not just a one off thing.