Hi Phil, thanks for the speedy response.
Answer to you question; The RPM does rev up when first started and then die back down. I do not know the exact # of RPM's as there is no Tach in this car. Kinda weird, but doesn't bother me. I guess being automatic Volvo didn't see it as being important..
Are there any tests to perform on the IAC or is that more of a replace it when in doubt part?
I'm in hopes that a flow test can be performed on the FPR to see where I stand with that. I can see I need to get a Haynes/Bently manual on order before to long.. ALthough, in my past expierences those manuals don't contain all of the good tricks of the trade that you find elsewhere, i.e. here :)

I will say, that although the idle at startup is weak, the car really runs great once warmed up and is a very smoothe ride going down the street. Once warm, if sitting in traffic it gets a little hicup every now and then where the idle drops a little and then pulls back up. I was thinking a Vaccumm leak, thus I'm intrigued by the mention of the IAC part.. Hmmmmmm..... Anyway, the car (loud thump on wood inserted here) hasn't shut off on me so far.. No issues with having to re-start it when cold or when in traffic and no pumping of the Gas :)