940 volvo has slight hesitation when starting at red light but does not fail. Cranks a little longer that expected but generally will start. Recently would not start but starter fluid later corrected the problem. Obviously, I do not trust car away from my home now. Could all the above be a sign to one underlying problem?

Start by checking the sparkplugs and the plug wires,if it misfires under a load it will cause your hesitation, start there hope this helps.

Check your timing. Sounds like you know what you are doing and if you have spark, fuel, and comptression it should run unless it jumped time. It could be off a tooth or two and still have compression. With high milage that would be something to consider.

COULD BE A RESTRICTED FUEL FILTER.

Hi!
Start by charging the battery completely. Then, start your car and while running, remove the NEGATIVE battery cable from the battery. If the car dies, your alternator is bad. If it keeps running, reinstall the battery cable and turn the car off. Check for something that's on that would drain your battery like a light in the trunk, glove box, etc. that wont shut off.

1995 940 has a crank position sensor mounted at the top rear of the engine which reads cranks position off the flywheel. Though not adjustable, it is a part which fails often causing weird and intermittent no start/hard start problems as well as other faults. While the part is not too expensive, you do have to crawl on top of the engine to see it, and its a pain to replace. Guess you could remove the hood, but I have changed mine without doing so. Get light on the area,and you can do it. If you are having timing too far advanced issues (running on when killing engine or "pinging" on acceleration several other parts may be suspect. Knock sensor, spark plug issues, carbon buildup, O2 sensor, lean condition and more. Good luck.

Change the the O2 senor on the catalytic convert. Its probably dead.

dim lights are generally bad ground / rusty -loose ground points or wires

Probably IS the crank position sensor-classic symptoms. It is hard to reach (of course)-behind head at top of transmission bellhousing.Not a very expensive part-try it.Will the car fire at all? If so,then it may be the IAC-try holding down the gas pedal slightly if it runs,replace this.

does the spark plugs fire when cranking/if not replace the impulse sensor on back top of eng.

Sounds as if you have set the immobiliser, does your car have the volvo guard alarm system fitted, (is the red light on the window frame?) I found that when reconnecting the battery if you just tap the connector on the terminal 4-5 times before connecting it it would reset the immobiliser and the car will start