I have the same set up in my truck only its a 91 year model. I too, was concerned about the high idle speed upon starting the motor. I did some reading about the high idle and all the different sensors that the engine has and is sending to the ECM. Like you, my first thought was the IAC. But after reading about the whole system of how the ECM controls the motor, it wasn't the IAC.
When that unit is not working properly the engine surges during the idle range. What I found is, that's the speed the ECM wants to run the engine on a cold start. I've also have determined that 454's are cold blooded, then when warmed up they get very warm. Mine, if left idling, will take about fifteen to twenty minutes and it will kick down, on its own. Mean while, no amount of kicking the gas peddle will get it to throttle down.
I did discover another issue with the motor and that's the fan clutch. Its been talked about not so long ago in one of the topic heads but right now I couldn't steer you there. So what was going on with mine, its was frozen. The fan blades would not turn on the fan hub freely, with engine off of course. So when I started the motor the fan blades were under full power of the motor. I have the stock fan blades by the way. Because it was all froze up the clutch never release the blades so they were always under full power. And let me tell you its loud, very loud. So loud it sounds like the motor is revving way faster than it really is. Once I got that corrected (and that's another story) the clutch releases with in 5 to 6 minutes and everything quiets right down. I also hooked a tach to see what the RPM were at the higher idle and it reads about 1100. I can live with that.
Dale