If I were you I'd tuck the intercooler back against the A/C condenser and work with the factory cooling system. Look at European luxury cars with turbochargers, they have very efficient cooling systems without cutting holes in the front fascia. Most of them have small grills and are designed to be bottom-breathers, as well.
I've learned Volvos fairly well from helping a friend here in town where I live. I've been particularly impressed with the cooling system on the 940 Turbos. The intercooler, condenser, and radiator are in a neat stack - with the oil cooler vertically mounted off to the side for maximum cooling (oil coolers need the most air mass flow to work since oil is so terrible at transferring heat).