The ICV is a thermotime switch that controls the air bypass when cold iirc (similar device on my 3.5 Vitesse V8)
Once the engine is hot I believe it remains stable (operates with a bi metallic strip and workes off temperature) I suspect it is operating correctly judging by the above compared to mine.
I think I would check the resistance of the coolant temp sensor hot/cold and a see if the Ohms change cold to hot.
If remaining "cold" it would lead to over fuelling.........and maybe higher revs as the engine warms.
I assume this is happening with the car being stood