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I have a '94 F150 with the 5.0 V8, 5 speed and 4 WD. I drive about 12 miles to work with the middle section being freeway speeds. When I take my foot off the gas at the exit ramp the truck will start to slow and then about 5 to 10 seconds later there is kind of a jerk and the engine acts likes that is when I took my foot off the gas. Kind of hard to explain, the truck is slowing but it like the first part is just a partial throttle release then 5 to10 seconds later a full release.
Truck runs fine, fairly recent tune up. Adjusted the timing (still doing it), no service engine light on. Gas mileage is good. Cable to intake system working fine. Have had this truck for about 3 years and it has always done this. Not really a problem just weird. It does not do it at lower speeds even in the same RPM range of coming off the freeway.
I believe that is the overrun fuel cut -- my truck does that too. Best I can tell, it is when the injectors turn off completely while coasting to increase fuel mileage. I don't think anything is wrong with your truck.
Hey, if you change the TPS have fun and when you remove the TB to get to it, check inside your upper intake plenum for carbon build up. If you clean it out make sure you have a shop-vac handy so no peices go into the lower intake or the engine