I do agree about this car should not go into such a high idle. The Town Car does not and it has a 95 4.6 in it. It has done this ever since I can recall and over the last few years I have replaced the IAC, TPS and MAF to no avail (for other reasons than high idle). The idle was worse a year ago before I switched out my TPS
I went out just now while the engine was cold and pulled the IAC. The car would not start. I plugged it back in and it started at about 1600 rpm and in less than a minute worked its way down to around 600 rpm.
You might try cleaning the throttle butterfly; the back side gets dirty from egr. Throttle body cleaner, like you use to clean the maf. It'll be black, and wipe where it seats.
I'm just down away by the damage in there. I can't wrap my head around it. Something must have worked the "rotor" loose and when it went, shit happened.