Most likely TPS as ALS85GT noted, but I would also check your radiator cooland first...I have seen that cause similar behavior, but usually so dramatic.
Thanks.
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What I have:
1990 Red Mustang 5.0 LX:
[BBK X-Pipe]-[MAC Cat-Back Exhaust]
[MAC Cold Air Intake]-[BBK Equal Shorties]
[3.55 Gears]-[Cobra Intake Manifold (Upper and Lower]
[E-303 Cam]-[Granetelli Mass Air Flow Sensor]
[Front and rear sway bars]-[New black carpet and seats.]
[Adjustable Fuel Regulator]-[T5 Conversion w/ K. Cobra Clutch/Hurst STS]
[Cobra Throttle Body]-[130A Alt. Conversion]
Thinking about:
Aftermarket Heads!
Vortech A-Trim
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