Is this a carb engine? Ford or Chevy? I'm guessing it is a carb engine, so you have to look for the throttle arm that moves when you move the throttle back and forth. Then you will see a screw in the arm that bottoms out against the body of the carb or part of the linkage, that usually is what adjusts the idle speed. I do mine with the boat in the water, and test it in gear. On my OMC the spec is 500-600 rpm in foward gear. It does shift smoother with the idle set as low as you can get it. BTW, there are some Volvo shop manuals in the IO forum of
http://www.iboats.com if you look around you may find what you need exactly.