I think he's talking about the thermo valve that opens/shuts the thermac door in the air cleaner neck. Not a MAT.
Thermac not working probably would not result in a lean code setting. It is used to prevent icing the 300 TBI. If it set a code at all, I think it would be rich mix due to ice resticting the air.
Note: it matters how that thermal valve is connected. if backwards, the door won't work and you have a vac leak.
First thing... if your AF meter is sharing the ECM's O2 sensor then disconnect it. You should not be sharing the O2 sensor. That alone can cause wierd problems. Not only can the meter load up the O2 sensor circuit, it can induce noise on it that the ECM can't handle.
Besides a bad CTS or O2 sensor. you could easily have wiring problems. Loose/dirty connectors are all it needs to act up. Go over all the grounds really good as well. Check every ground in the engine bay.
EGR and several other things could stick and leak when cold. Check everything.
------------------
11-Sept-01, The day the world as we knew it ended.