Yes, that is the IACV. Before replacing, check the fast idle valve. A number of people have fixed their cold start high/fluctuating idle problems by popping the cover open and tightening the valve by 2 turns.
You can also check the operation of the fast idle valve as follows:
To check the Fast Idle Valve:
(Info from HELM 1992 Service Manual, page 11-85)
Start engine. Remove hose from large black vacuum pipe going to the Air Suction Valve (located next to Fast Idle Valve). Put your finger over the pipe and check for vacuum with the engine at idle; cold and coolant temp below 86 degrees. If no vacuum felt, valve defective, replace and retest.
Warm-up engine until cooling fans come on. Check to see if the valve is completely closed. If not, air suction can be felt in the valve pipe. If any suction is felt, the valve is leaking and the valve must be replaced. Retest with new valve. * Courtesy LPB. Checked mine using this method when i had the same problem. Adjusting it solved it.