The TB is confirmed closed as far as it can go. I completely removed it and took a close look. The set-screw was actually not even being touched. The blade was closing to soft-bind making it kind of sticky. While the TB was in my hand, I adjusted the idle screw so the TB lands on the screw, but still closes as far as possible without bind.
I confirmed that the PCV is flowing while at idle. If I squeeze the line OR cover the inlet, the MAF drops by 4-5kg/hr and idle drops accordingly, but not low enough for my liking.
So that leaves the IAC valve.
I removed the valve and blew through it just to see if it was closing completely and it isn't. The valve is flowing a fair amount of air while in the closed position. I can fairly easily blow through it. Using a screwdriver, the valve easily moves from it's resting closed position all the way to full open, but doesn't appear to completely return to the closed position which explains why I was getting idle air control above the resting point. It's almost as though the return spring is just a little weak allowing it to stay open more than I'd think it should. I took the actuator off and sprayed both the actuator and the valve with Teflon spray to see if that would help. The moving parts move freer now, but the valve still doesn't close down completely. Although it is possible the flow of air an engine would produce would be enough to push the valve closed. Air does flow through the valve in the direction that would tend to close the valve, not open it. Perhaps with the parts freed up, the valve will close when on the engine? We'll see.
But I didn't stop tinkering there. Notice these older valves have the actuator portion screwed to the mechanical valve portion:
I removed the actuator off the valve and noticed that with the actuator removed, the valve actually closes off. It pisses a tiny amount of air when I blow through it, but I feel definite resistance to flow. Playing around with the actuator and the valve, it seems there's a very weak set-spring pushing on the actuator plunger that is just barely stronger than the spring in the valve thus with the actuator in place, the valve is held slightly cracked open. I found I could separate the actuator from the valve by about an O-ring's thickness and the valve seems to close all the way. So if just spraying the valve doesn't free it up to close down better on the engine, I'm going to try sandwiching an additional O-ring or two between the actuator and valve and see how that works.
Now my question to those out there with experience/knowledge of these older style (pre-95) 2 piece IAC valves, is it normal for them to be cracked open like this? Or is this an indication that the valve is just worn out and needs to be replaced? Looking on AutoZone, replacements are ~$55 and are special order. While I don't mind paying that if that'll fix the problem, I don't want to buy it if the new one is going to behave exactly the same way.
Thoughts?
The good news is I tentatively seem to have identified where the high idle is coming from. I'll hopefully confirm this afternoon.