Check out the IAC valve for carbon build up, the pintle may have hung open. Been known to happen.
Thanks for the suggestion, I think I have this problem figured out after consulting some people smarter then myself on the subject.
We got some spring weather yesterday but its almost all melted today.
20160417_100131 by
colorado_baja, on Flickr
The consensus was that the engine wouldn't be able to run at 4k rpm with out the throttle blade being open. Like you mentioned with the IAC they can get stuck and bump the engine speed but nothing I read online was saying more then 1500 rpm with IAC problems so I inspected the throttle cable and found a wire poking out of the jacket. Decided to replace the throttle cable since it seemed to be the most likely culprit.
20160413_083945 by
colorado_baja, on Flickr
After removing the old throttle cable I noticed it didn't feel as free in the jacket as the new one. I cut the old one in half and the cable it self looked good but where the wire was poking out of the jacket the liner had a tiny tear in it and was deformed. Not sure if this is what made it stick at 4K rpm or not but at least I feel like I found something that could have caused the problem.
Put it all back together and I was shocked driving it around the block, Its like you took the throttle response knob and turned it from 5 to 10. The old cable must have been way stretched out, I didn't measure the TPS voltage at WOT but I'd be willing to bet that I wasn't getting full throttle blade actuation with the pedal on the floor.
Truck feels great with the new throttle cable installed, spins the tires much easier now. :sombrero: