M&M fuel injection does not have an IAC motor like the Delphi. There are (2) adjustments on the M&M fuel injection. Hot idle adjust and cold idle adjust. I fear that some component like the cold idle module has gone bad, but try this first:
Start out by cleaning out the air bleed holes in the throttle body with some spray carb cleaner with the straw nozzle on it and see if it makes a difference. They are small pin holes (2) in the inner throttle body of the intake system at the 10 O' clock position for the front runner and the 2 O' clock position for the rear runner. These holes need to be clear for proper idle.
Here is link to actual Harley Bulletin which you should read to see where the adjustments are:
http://www.box.net/services/ipaper_by_scribd/102/97173656/cea9b7/MM_idle_speed_set/shared/5ggq18svpsOtherwise try this reduced easier to follow procedure to see if it helps.
Take the right side cover off
You need a tach for this simple procedure
1. Get engine up to normal operaing temp.
2. Set the hot idle to approx. 1000rpm.
3. Unplug the connector to the idle speed control actuator. (now the engine thinks it's cold ).
4. Set the cold idle @ 1500rpm.
5. Shut the engine off
6. Remove the EFI fuse cover
7. remove the 5 & 15 amp fuses; or I sometime disconnect the battery if it is easier.
8. Go take at least a 30 minute break
9. Put the fuses back in.
Next time you start you bike the ECM will remember the new idle settings you have done!