in my owner's manual it says the coolant normally doesn't need drained. But mne is at the minumin mark level. Is it bad to drain and refill the cooling system? Also, do you refill it in the little plastic tank that sits on top of the engine? It is a 98 V70 non turbo.

 

The coolant should be flushed about every 30,000 miles.
There is a drain in the bottom of the Radiator and one on the back of the engine. You could use either.

Yes you fill the Tank to fill the system. Tip if you do it fill the bottle all the way to the top then drive about 6 miles then check again you might have to add more then.

 

my owner's manual says to: 1. remove expansion tank cap
2. move temp. adjustment control to max. heat. open drain ***** at the rear left of the engine block and
at the bottom right corner of the radiator.
3. disconnect the lower radiator hose

To refill:
1. Close drain ***** and reconnect hose
2. fill expansion tank to the max mark or slightly above
3. run engine until hot. check the cooling system connections for tightness. recheck coolant level.

It doesn't tell how to flush the system?
It also says to ONLY use Volvo coolant, is this just because they want you to but their product?
Is the temp. adjustment control the one inside the car on dash controls?

 

You can use any coolant you want.
You don't have to adjust the Temp.

Just drain and refill. That would be flushing. All of it drains out.

 

I have some Peak antifreeze that is 50/50 pre-mixed, it says add nothing just put in the cooling system and your ready. Ever used this, is it o.k.? I assume I should do this when the engine is cold?
Thanks

 

That is fine and Yes install to a Cold car.

 

I am also going to attempt to replace the timing belt as well. Should I just do all this at the same time?

 

I would .

Here is a link that might help with the Belt.

http://www.babcox.com/editorial/ic/ic60326.htm