Sounds like a wiring issue to me.
I'm pointing straight to the AFM for the time being. I have seen similar things with dud AFMs / No AFM connected / Incorrectly wired AFM.
Because VL's wiring is SOOOO gay, and most people dont know how to correctly wire up RB's, most people miss the fact that some of the sensors have a separate power feed fed by a brown wire, and most people dont even both wiring up the crank signal, most of them run like shit.
I'd check the AFM, if you are not electrically minded, get a mate that knows RB's wiring WELL. Check for the obvious too, IE, vacuum leaks.
It is possible that the IACV doesn't even have power to it, one pin should have +12V when the ignition is on. The 0V for this valve is controlled by the ECU.