Yup...
The IAC may be behaving sluggishly in its normal operating range. Here's what it looks like inside:
The valve is held open by a variable duty cycle square wave created and controlled by the PCM:
The normal (if the throttle stop screw is properly adjusted) duty cycle is as shown above, 40% to 45%, which keeps the valve partially open to pass enough air to maintain the programmed idle speed. When added load (generator, power steering, AC, etc.) is applied to the engine the PCM increases the duty cycle of the IAC control signal to make it open further and pass more air, when such loads are removed it allow the valve to close.
There is also an electronic "dash pot" function that opens the IAC almost all the way when you decelerate with a closed throttle. It is also opened a bit when coasting to a stop, keeping the engine around 1100 rpm to insure power steering fluid pressure for the brakes.
So, short story--if it is sticking or sluggish the idle can behave as you describe. FWIW Ford states clearly in the shop manual that it "cannot be cleaned and must be replaced". If you car has more then 85k miles then there is very good possibility it is failing...