[wjdunham]

I neglected to mention that I did warm the car up, jumpered the ICV bypass and set the idle screw on the throttle body to 950 RPM. Rock solid once the car warms up a bit.

On the DME - I have two 911's, this '69 with the 3.4 transplant, and a bone-stock 3.2 1985. If I take the DME from the '69 and put it in the '85 with the stock chip, passes smog no problem. I mention this to rule out the DME as a potential culprit.

I checked for vacuum leaks, all the intake gaskets are new, bolt's torqued to spec. I have caps on all bit vacuum nipples for the brake booster and oil tank breather. Pretty sure I don't have a vacuum issues.

Also disconnected the O2 sensor after the car had been well warmed up and was getting about 0.26V constant reading. This was an open loop measurement, I did not try to jumper the sensor with it still connected to the DME harness.

Will double check the CHT sensor to see what it's putting out. I think it's supposed to be something like 2.7K Ohms when cold, and 270 Ohms when the engine is warmed up?
UPDATE: CHT measures 2.23K Ohms when cold.