Okay,
for everyone who want's to try this way of CO-setting, I must say it's only suitable to do a coarse tune, unless you (or someone who tells you) know(s) what you do...
For me, my LED blinks all the way from about 440 Ohms to 585 Ohms, so that's really a wide range. This is dependent on engine temperature, so it's quite tricky to adjust in idle without constant cooling...
I found best performance and good economy manually now at 495 Ohms, so quite in the lower middle range between the two "extreme" settings.
I think a good way to set the CO by using the LED is to drive the car until engine is warm (at least 74°C), then adjust CO by using the LED until it flashes (at my car, you can only achieve more or less equal on and off times, as the whole thing is quite a bit irregular). One must take into account that there's some time needed (a few seconds) to get an effect after the MAF-potentiometer has been turned, so use steps not that wide...
Then let the engine heat up till the ventilator sets in, then, after it is off again, wait about a minute. At my car, directly after the ventilator was cooling, the engine runs a bit lean, although it is at middle temperature... Don't know why. Then the LED should flash again, if not, adjust. Do not adjust directly after the ventilator is benn switched off! Then the mixture will be too rich as you need a few Ohms more...
After all this is done, do a test drive. If everything is to your pleasure, fine, if not, try to find out if you need a bit more or less fuel to get it running as you wish it... At least, one knows a margin of the resistance after doing the LED-CO-thing, and this lets me feel better when, after that, doin a manual fine tune.
I hope, I will rest on this opinion still in a few weeks... At the Moment I'm fine, although one of my new Volvo-Plugs broke and i had to put an old ngk in until my volvo dealer opens again on monday
Good luck,
Oese..