Start with a small coolant passage head. The 530 you have is a safe bet.
If you're looking for really big power (ie a full on header, hybrid turbo, ems, etc) you'll want a 531.
Bigger valves are a huge plus, and offer few negatives except maybe lower gas velocities and low revs (ie small loss in low end torque). I'd look into stainless with 3mm stems instead of 4 and bronze guides.
If you are having the head ported by a local (non-volvo tuner) shop ask the machinist what they think it needs/what they'd reccomend.
Volvo heads have heavily shrouded valves and poor bowl design, especially on the exhaust side. An experienced machinsist will note the bad exhaust side pretty much immediately. If they start talking about how much they can polish it, or hog out the ports or whatever, walk away.
The head should then be milled just to the point to where it has a good gasket face.
Not a slight against Mike but I don't agree with shaving the head to increase compression- at leats not on and "ultimate head". This thing is going to be $1500+, and you do not want to see cracks. And you want room to be able to mill it again if you blow a headgasket, milling it to near the limit may mean a weak head if it ever needs to be milled again.
Titanium retainers, springs ideally spec'd to work with your stainless valves. But that exhaust bowl/short side radius and combustion chamber design/unshroud are the keys imo.