@imp - When I first bought the truck (2 years ago for $1500) it had a CEL for PCM not able to control idle speed (too high). I installed a new IAC and it did not help. The idle, especially when cold was quite high and even after the engine warmed up it was too high. It should have been around 650 RPM, but as I recall it was more like 850 RPM. This was enough to make it necessary to put extra pressure on the brake pedal while stopped in traffic, and had a negative impact on the vehicle's general driveability. I found this annoying, and I figured it was hard on the transmission as well.
I checked all the vacuum lines and connections and found no leaks. I even swapped the throttle body/TPS with one of my other 2000 5.0L's to no avail. I suspect a there's a small vacuum leak in an intake gasket. At any rate, I was tired of screwing with it. Then I noticed the hole in the throttle body plate and I figured that if too much air was getting in and increasing the idle, by leaning the air/fuel ratio, maybe covering that hole would offset the extra air. I put a piece of tape over the hole, and the idle dropped right down to where it's supposed to be. Then I removed the tape, tapped the hole in the throttle plate and installed a small brass machine screw in the hole using red Loctite. This is the family's "spare vehicle" and is in the roughest shape of all our Ex's/Monty's aesthetically (though not terrible). So good enough is good enough.