Well, when they built the thing in the last century, it was new, and the pcm or ecm or computer had never been used before... and the engine ran fine as the new owner drove off the showroom floor...
So, I'd say, it should take no time at all for the computer to 'learn', and the only thing noticeably affected would be the idle speed, which should be very quick. It should not run bad from the get-go unless there's something wrong.
If the rest of the engine is fine, I'd suspect your ebay purchase as being defective on receipt. Unless the seller has a golden reputation, I would be hesitant to buy a used computer that was commonly available elsewhere. Hens teeth? Yeah, I might give that seller more of a chance.
All that said, did you use a scan tool to watch what the computer was 'commanding' the IAC to perform? You can see that if you get a scan tool. You can get an "ELM" wifi/bluetooth/USB scan thingy to plug into a laptop or PC along with FORSCAN software for less than $30. Search here or on ford - trucks dot com, I think wptski who posts here and there on the web @ford/ranger sites has a good writeup on it. THAT will tell you what's going on, and is useful with an OBD-II setup. A lot cheaper than buying parts on the web and shotgunning the problem. Most times, a computer will not 'start to fail' and keep working. In this use, a computer will work or it won't. The things that it 'runs', such as coils and injectors, depend on the computer to provide a ground to the item. The power is fed from the battery source, and the computer provides or removes the ground via a transistor, to make them work. It does not send current to the units, and the only failing would be shorting(conduct all the time) or opening(non-conduct). They don't seem to slowly die.
tom