trevlynd
Firstly, Not sure of your original fault BUT an IAC valve fault will not restrict power. The X10XE engine does suffer from the hot wire (thing that monitors the air flow within the air mass meter) becoming damaged due to water ingress.
If this becomes danmaged it can do 2 things.
1, bring on the ecu light. The car will then go into "LIMP" mode. This is what you are experiancing when you say your car wont rev up and it wont go over 50mph. It is there to help prevent damage to the engine but still give you enough to get home.
2, The Air mass meter will provide the ecu with false information. In easy terms it will be telling your ecu that only 500gph of air is being fed into your engine, therefore your ecu will tell your injector not to fire in so much fuel. Resulting in no power.
You really need to plug into the tech2 to see. Also be aware that if your air mass meter is playing up your ECU will tell tech2 that your No 1 Lambda sensor is f****d.. DONT beleive it, 99.999999999999% of the time this code shows because the AFR is all over the place. Check your lambda readings It should be flicking between lean and rich every few seconds and be flicking between 350 to 1220.
Hope that helps.
Mick.