I am guessing that since you said IAC you are trying to run the 7730 ecm and not the caddy 2240 ecm? The caddy uses ISC not IAC. Some more detail about your configuration would be helpful but it almost sounds to me like there is a wiring issue.
Could be lots of things.
O2 readings on a scantool - median is about .500mv I think - less is lean and more is rich. .200mv would be very lean and .800mv would be very rich. Under normal operation its gonna be cycling so quick it will be hard to tell so those should help you 'ballpark' what its doing.
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