I've had this problem since last summer. When my car is warm, and I start it, it'll start just great, aut then the RPM's will drop to the point where it almost dies, and it will blow out a puff of black smoke. Nothing else is wrong, it'll idle fine, runs great (other than my newly-developed tranny problem.) Seems like it's running rich right after it starts, but then it runs great.

 

I played with my timing and advanced it a little and it fixed it. I think theres a idle adjustment screw on the TB also.
~Tim

 

My thoughts in order:

Bad CTS(Coolant Temp Sensor)
Bad IAC
Bad MAP
Vacuum Leak to MAP
Leaky Injectors
High Fuel Pressure

That's all I can think of right now, somebody should be able to jump in and tell you exactly what it is.

 

IAC, that's the little thingy that I took out of my air filter when I went to open element? Isn't it the samne as CTS?

 

well, it's sitting in the engine bay near where it used to be, does it make any difference on placement?

 

The IAC(Idle Air control Vavle) is in the throttle body itself. You are talking about the IAT(Air temperature sensor). The CTS is in the intake manifold.