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I have and have always had the same issue. Before I changes my IAC and reset the value the truck would die on me every so often when shifting into gear from park or R-D, I didn't have a tach then but after using my cheap one for the last 4 months b4 I put it on the run stand (which I originally purchased it for) I know my idle in gear is between 550-600 max. But no more stalling! Based on your earlier discriptions it sounds like you have a true '87 accessory drive so it's likely you just have a slight reman keeping within factory specs. I currently have 35's and 3.73's it's ok but I feel like the engine would appreciate a taller gear at times. My shift points are all below 5k I'd say between 46-4800 at best. This is with all OEM running gear minus a few small engine bolt ons.
I'm not sure exactly how the o2 sensor plays into closed loop but I do know that anything above 160* should be closed loop. Also the location of your o2 sensor will pay a huge part in its MV reading. It should be @ 600* to function properly and if it isn't high enough in the exhaust it will not reach temp and cause a 470 (ish)MV reading.I would check the o2 temp to justify the MV readings you are seeing2. There is a VSS sensor in the trucks with 7700r4's but they are mostly located in the dash. Behind the speedo there's an optical sensor that reads a reluctor ring which is attached to the speedo. 3.