You might want to pull the EGR and see if it is stuck open and to see if the EGR port is not plugged.
When was the last time the spark plugs were changed? How about the distrubiter cap, rotor and sparkplug wires, how long sense they were changed? How about the PCV valve and the mounting gromet? Are they in good shape, does the PCV valve rattle when you shake it?
As for the intermittend reving, watch the throttle kicker selnoid with the engine running, see if it is moving the throttle linkage.
With the engine running, spray some brake cleaner around the carb base plate and see if the engine speeds up or dies. If it speeds up, there is a leaking gasket between the intake manifold, the EGR spacer, and the carb.
Steve
86 Bronco, XLT, 5.0 EFI, EEC IV, AOD, IFS, limited slip front and rear, 3.08 gears, Tilt steering, factory AC