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I have been experiencing the same on a 240 of 1985 vintage. I have had the air by-pass motor replaced (at considerble cost!), the throttle body and valve replaced, and just about everything else in the fuel injection system that may impact idle speed. I am about to get the computer replaced / tested by a local Volvo shop. The individual there indicated that the control computer in these models were to be replaced by Volvo due to a "bug" in the computer in 1985/6 and that some of them exhibited this symptom. The problem with mine is that once in while it works OK.
Right now I am at wits end to try to get this thing repaired (and down $$$). So, I am hoping this last resort will correct the problem. One other bb response to my search for high idle indicated that the CIS temperature sensor may be at fault; when the sendor is unplugged the idle races to 2k+. This I will try tonight.
Regards,
Gordon Antonello
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