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You should really invest in a Bentley manual for your 240. This will help for diagnostics. When I got my '86 240, I had the same problems. I did the ECU tests and found at least one problem. More importantly, I excluded many other theoretical problems. This will REALLY help you narrow it down to have the info in that book.
It really sounds like a dramatic vacuum leak to me. Try spraying brake cleaner all around the intake manifold and, of course, watch for a response. Also, the intake hose, the fat plastic one that goes from the AMM to the throttle body, should be removed and inspected for leaks. These rub against the body and wear through.
Also, bad idle control valve also seems very plausible. This is supposed to balance out the idle, which is obviously not happening. But, then again, the racing could be the result of the idle control valve attempting to compensate for another problem. Again, the ECU tests will help with this.
-JSBB
P.S. I am not a pro by any means. I just happen to have experience with the same car.
--
'Beware of the man who works hard to learn something, learns it, and finds himself no wiser than before... He is full of murderous resentment of people who are ignorant without having come by their ignorance the hard way.' -- Kurt Vonnegut
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