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On cold start a Fuel injected engine should REV up to about 1,500rpm(don't touch the gas pedal)
Then should idle down to about 1,000rpms depending on outside temp, warmer temp lower RPM
As engine warms up RPMs at idle should drop and after 5min or so they will be at 700-750 on a 1994 3.0l manual trans
If this is not happening then it could be 3 things
1. ECT sensor, it tells computer engine is cold so computer sets "the Choke", which is high idle and Rich fuel mix
2. IAC Valve, computer uses this to set idle, its open all the way when cranking engine so engine REVs to 1,500 when it starts, then computer closes it a bit to set cold idle of 1,000rpms or so
3. spark timing, you have a distributor in a 1994 3.0l Ranger and you need to set spark timing manually, using a timing light
You have a remote mounted TFI(ICM) module, it has a SPOUT connector that needs to be unplugged to set timing
Fuel system
On the engine is the FPR(fuel pressure regulator), it has the RETURN fuel line attached and a vacuum hose
Pull off the vacuum hose and check it for gasoline, shouldn't be any, of course, if so replace it
There are two fuel lines coming in from drivers side of engine bay, follow both to the engine and you will find the FPR, looks like a small "can"