2.3 liter- Idle Air Control Valve?

[Brokenbone]

After engine is warmed up, our 2.3 liter '87 Ranger has intermittent problems of idle loss to the point of nearly shutting down altogether and then overcompensating to recover. Normally, after throttling up to 1500-2000rpm or so, it will idle for 15 or 20 seconds then start the process again.

After doing normal tuneup part replacements (i.e. plugs, wires, cap, rotor and fuel filters=there are 2), I spent over $100 on replacing O2, throttle position and EGR sensors but symptoms still occur. Was advised to consider replacing the Mass Air Flow sensor but that part doesn't exist for the '87 model. Was told the equivalent part is "Idle Air Control Valve" at approximately $80.

Anyone with similar engine specs have these kind of idle problems?
Was Idle Air Control Valve the solution or is there a better (hopefully more economical) answer?

Thanks for any feedback....
Brokenbone
(same question on Ranger Thread)