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I got an 86 ranger with the 2.9 auto on floor 4x4 little sucker starts right up anytime but when the motor is cold when you pull out she falls on her face like it wants to stall but then picks up quickly and falls some more for about 1/2 mile or so then straightens out i havnt really had time to investigate yet just thought i might pick up something from you guys... also it has an ever so slight miss pulling hills lugging if you floor it you dont notice it. this old truck is better than my newer ones 230,000 im second owner and still gets 20+ mpg loaded with racks and tool boxes!!
Other things to check are air & fuel filters, Idle Air Control on the side of the intake may be sticking or clogged with crud and or the computer temp sender, the one behind the water inlet.
Sounds like it is ok once it warms up but cold it is not getting what it needs as far as either fuel or air.