I would say you have a Vacuum leak first, or throttle plate is not closing all the way.
If you did the throttle cable "mod" you may have tightened it too much.
When you unplug the IAC(idle air control) valve and idle goes down that means the valve inside is moving, so it is not stuck.
The IAC is not a sensor it is a controlled "vacuum leak" operated by the computer, IAC valves are used on all EFI(fuel injected) engines.
When engine is first started computer will open IAC valve all the way, RPMs should go up to 1,500+, so high idle on startup is normal, then the computer checks ECT sensor to get the engine(coolant) temperature, cold temp should cause idle to drop to 900-1,000rpm, warm engine temp 700-800rpm, this is assuming gas pedal(TPS) is not touched during startup.
Cold idle will slowly go down as engine warms up, 5 to 8 minutes of running should get idle down to about 750rpms, time it takes depends on outside temp.
I would warm up engine then unplug IAC, if idle is above 600rpm check that throttle plate is closed all the way, then unplug 1 vacuum line at a time on the intake and plug that port with your finger, see if idle drops.
PVC valve is suppose to be a vacuum "leak" at idle, so skip that hose, unless it is cracked.
If all ports seem fine then you will need to use starting fluid or carb cleaner around the intake seals to see if there is a gasket leak, 4.0l often gets intake/head leaks, re-torquing intake can usually fix it.
You would get a surge in RPM if carb cleaner is sucked into engine via vacuum leak.