It has been debated here recently. The main line of thinking seems to be if you replace early and often it certainly won't hurt anything. Some argue it will not help either. In my experience, it did improve shift quality (changed at 45k miles). Most seem to agree as well that where it gets a little more risky is if you don't replace the fluid for an extended period (70, 80, 100k miles) you could do more harm than good. The longer you wait to do the first change, the more relevant that concern becomes.
The logic (common to all torque converter based auto transmissions) is, as the clutches wear the particles of clutch material begin to deposit themselves around the valve body surfaces where fluid flows under pressure. They may have some negative effect on shift performance. Replacing, or especially "power flushing" the fluid will allow those deposits to come loose in big flakes/chunks which can then potentially block smaller passages entirely, resulting in even bigger trans performance issues.
You're kind of in that grey area where it probably would help, but nobody would be willing to say so in the event that it messed something up.
As far as fill level, there is a level tube built into the drain plug that allows you to drain out excess fluid to set the correct level once the fluid is in a specified temperature range.
"VOLVOSWEDEN" on youtube has a good DIY for the TF-80SC trans
https://www.youtube.com/watch?v=EAb9p8Wph-M