volvo's whole EFI is different than Mercruiser, however the base engine is the same
they both have their own part numbers for the GM parts.
all post 1996 V6 and V8's have non-adjustable valvetrain
volvo buys the sub-sysetms complete, hence the reason they may not have parts break-downs for components. just like VW doesnt sell caliper parts (they get the parts from Audi) yet Audi does.
the will-fit vendors are a different story. your trying to compare apples to chicken eggs
regarding your smoking "new" long block. unless you bought the longblock from GM, you have a reman.