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Your description reads like the "choke" is not working when engine is cold
When started cold does the idle stay high, above 1,100 RPMs?
If so then ECT sensor and IAC Valve are working at least partially
All gasoline engines need to be "choked" when cold, with fuel injection the computer has to do this, higher idle and Richer fuel mix is choke mode, also called Open Loop when engine is cold
ECT(engine coolant temp) sensor is what tells computer it needs to Choke the engine
There are TWO ECT devices on 1992 2.3l
ECT
sender is just for the dash board temp gauge, its located drivers side of engine toward the back, oil pressure sender is also there
1992 ECT sensor should be at the front of the engine, higher up, maybe on a heater hose
Sender is a 12volt resistor
Sensor is a 5volt resistor
So not interchangeable
ECT sensor gets 5volts from computer and sends back 3volts when cold say 65degF, then volts drop to under 1volt when coolant is 190degF, warmed up
Graph and voltages here:
https://www.thedieselstop.com/faq/9497faq/maint/vra/images/a12842b.gif
You can use an OHM or Volt Meter to test it
And just generally, NEW means NEVER TESTED.............................15-20 years ago it meant it was "tested and works", not any more
We all wanted cheaper parts, so we got them, lol, there is no more testing because thats labor and thats what costs the money not the part.
So never ever.......ever, think a new part works as it should out of the box
You can buy "tested parts", Ford insists all parts are tested, so a Motorcraft part will most likely be good out of the box, but................. expensive, and thats why they are expensive