In short, yes.
You can order the nivomats that often came on European R wagons and the corresponding springs from Volvo. That will lower the car but not drastically the way you can with the regular shocks.
Öhlins are wonderful but expensive and darn hard to find now.
If you want to go completely stock (i.e. Volvo) to lower your wagon here are the proper part numbers:
Front struts : 9204141-7
Front springs : 3546641 individually (from kit # 9481 636-0 kit)
Rear Nivomats : 8626025
Rear springs : 9200184
Hope that helps.