Timing belt DAYCO or OEM Volvo

Dayco is an OE manufacture for many manufacturers, it's a pretty solid belt. Quick answer is yes you should get it changed ASAP, I've seen a lot worse belts than this one and they drove to the dealership just fine.

I've done many timing belts. The locking tool is a "nice to have" but certainly not required. You should be checking your cam sprocket alignment before turning the engine over, anyway, so just take your time and be careful and you'll avoid most issues.

I bought my timing belt/water pump off amazon. It’s a Dayco product (part number WP215K1B) and so far I’m happy with it. Obviously I won’t know if it’s some trash until a little further down the road, but I’m 20k miles into it and so far no trouble.