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740 Temporarily Frozen Front Caliper?

Many/most "Do It Yourself" guys do brakes wrong and don't lube the pins or the pads

Many shops put lube in the pins that swell the rubber parts and cause binding, or put lube on pins meant to be run dry and attract dirt and wear out the parts.
 
Over the past 5 years on my 88 744 I've had a similar problem. Perhaps try the following.

Jack the entire front end off the ground. Ensure that the front wheels spin freely / no drag (mine was dragging HARD on the front P/S). Jack the entire rear end off the ground. In neutral / no PB, ensure the rear wheels spin freely / no drag. Although I understand that you replaced the front calipers, be sure to check the rear calipers as well. When you say you replaced the front calipers, what exactly was that? Reman'ed units with all new guide pins and hardware?

IMHO get each of the 4 wheels off the ground and test the caliper for dragging.

Btw, my dragging luckily went away when I put on S60R front calipers / rotors / all SS hoses. Although the rear hasn't been rebuilt, that could still be an issue for me at some point.

That sounds very similar to mine. If this issue shows back up after this, the 4 wheels in the air test will be next. A brake upgrade could be in the works if I can't sort anything out else.

Many/most "Do It Yourself" guys do brakes wrong and don't lube the pins or the pads

Many shops put lube in the pins that swell the rubber parts and cause binding, or put lube on pins meant to be run dry and attract dirt and wear out the parts.

I don't think it will be improperly installed equipment to blame, but I cannot entirely rule it out. The issue started with all the original stuff in place (calipers, rotors, pads, lines) and then later replicated the same effect after all the replacements. If it was a bad install, I would have expected new/changing problems after install. I've also got a Volvo master tech with nearly the same car in his fleet doing the work, so I wouldn't think the quality of his work would be to blame.

The real mystery is that after he installed the new brake hardware, I drove the car ~1 hour and the issue didn't show up. The next day I drove less than an hour and the issue jumped up in the last 15 minutes. A couple days later I tried again and it started to show the same issues (overheating after ~15 minutes) that it had been showing before any replacements were done.
 
That sounds very similar to mine. If this issue shows back up after this, the 4 wheels in the air test will be next. A brake upgrade could be in the works if I can't sort anything out else.

I've really hesitated to report back without knocking on a lot of wood, but it seems as though the master cylinder replacement has solved my problem. I've been able to put a couple hundred miles on without recurrence. Fingers crossed this is the last of this issue.

Of course, shortly after getting this solved, my ODO quit working (AGAIN!). I've seen DNA Speedometers mentioned a couple times here. I may reach out to them and give them a shot to rebuild it.
 
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