the only problem I see with the "quick fix" is:
1) the top of the spark plug chamber is not 100% sealed as it was when using correct M42 wires
2) due to the sealing issue, if any water or moisture gets into the engine bay, it's going to go right past the top of the "modified" Volvo wires and right into the spark plug chambers. If there was (or is) enough water/condensation/moisture to do so, you're looking at an engine that could misfire or the possibility of water getting past the spark plug threads into the cylinder.
I'm sure you saved a decent amount of $$$ and it's a "temporary" fix to get you up and running again, but just be careful and keep an eye on the situation as noted above.