It's called a "hanging idle" common thing among the 4.6L.....
This is the cheapest fix possible.Go to your friendly neighborhood hardware store and buy a 1/2 inch copper pipe cap.If you don't already have one get a 3/16 inch drill bit also.Take everything home and drill a 3/16" hole in the top of the pipe cap.Remove the 3/4 inch OD hose from the IAC and place the pipe cap with the hole inside.Reinstall hose on the IAC. Start the car and if the idle isn't fast enough you can always open the hole slightly with an old pocketknife.It doesn't take much to change the idle.Check your idle speed with the A/C on and again when very cold. I found that manual trannys even benefit from smoother shifts.Cost for a copper pipe cap $.29.