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yes the valves need periodic adjustment. very easy to do.
the ebrake can also be adjusted, pull up the rubber boot on the base of the handle and you'll see.
the OX sensor light is triggered strictly by mileage (no relation to the actual condition of the OX sensor), there is a black box with a reset button on it. I believe the box is in the engine compartment, but that's from memory a long time ago.
the high idle is probably a small vacuum leak somewhere.
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