Forget the internet for a bit. Go and find and patronize, either a Volvo Penta dealer or Evinrude dealer that can order OMC parts. You have a joint venture model so the OMC/Volvo parts are identical. The only way to be sure you are getting the right stuff, is to go to a dealer that looks it up in a parts book. Some of the online retailers I have used that are good are
http://www.crowleymarine.com (look in OMC parts)
http://www.dougrussell.com (same) but really I think do it yourselfers do better with a real store, where the guy behind the counter actually knows something. The guys who sell me my parts are professional mechanics.
If you want to do the air in the cooling hose diagnosis, google
"Volvo Penta Overheat Diagnosis". This is a PDF file that tells you exactly how to do this. I actually did all the tests in it (except on my Cobra the hookups are a bit different because the impeller is not engine mounted). What I found was that it was not air in the cooling water, but reduced flow due to marine growth build up (moored in salt water boat) in the lower unit water intakes. So every 3 seasons or so I split the lower and upper drive housings and I clean out that area and paint it with Trilux-33 anti fouling for aluminum.
If you really want to shop the 'net, you can look on the volvopentastore.com site, make sure to have your model # though. Volvo's model numbering system is confusing to say the least.
PS what engine do you have? The V-6/V-8 stats are the same, housing is the same. Same as the OMC design for the same year.