I agree with jrichker, get a scanner first and check for codes. Yes you can do it with a analog volt meter, but it is easy to misread using that meathod. The idle failing to return quickly is a hanging idle. First I would clean out the TB and IAC and set the TPS to .98-.99 with the car at operating temprature, key on engine off. TPS can cause a lot of issues because if it is still reading that the throttle being open, it continues spraying the fuel injectors, while with the proper setting when you let off the gas such as coasting the injectors turn off and the EGR opens up, this can make a huge difference in gas milege. Also do a sweep on the TPS and be sure it has a smooth climb in voltage on the way from off to WOT, no dips or spikes should be detected.
As well as reseting this, try the ford idle reset procedure by disconnecting the IAC plug, setting the idle to where you want it to be (650-750rpm) and then turning it off, reconnecting the IAC, resetting the computer and seeing if that makes a difference. Fords are really bad when it comes to the IAC motor issues and a slow IAC will cause problems and usually doesn't shoot a code, not even on newer OBDII cars, let alone ancient EEC-IV. If your still getting hanging idle issues look for vaccume leaks, actually this should be one of the first things you check but if it isn't obvious then it could be comming form the intake manifold, I have scene a lot of cracked manifolds before and intake gaskets even more.
O2 sensors should cycle rich to lean two to five times per second. A bad O2 will either cycle slowly or the range will be short. It should cycle from .2 to .8 volts, .4-.5 volts as the middle mark. They also can cause MGP problems.
Are you running cats on your exaust? A clogged cat can back things up a lot as well.