Throttle position/response

I'm trying to figure out if my truck has throttle issues. If you have the hood open and move the throttle by hand I have about 1/4" of movement before I meet any resistance to moving the throttle (ie spring pressure). However the truck will rev to about 3k if I move the throttle by hand to the point of meeting resistance.

Inside I get awesome acceleration for the first little bit of foot movement, but after that it doesn't seem to accelerate any faster, just get noisier as you hear the intake sucking up more air.

Any idea if this is normal, or do I have a funky sensor somewhere? Is this why I get 26-27+ mpg?

I'm not a 2.6L expert, but I believe that is the way the older Bs work.