It's more likely defective than out of adjustment -- the way they're mounted it's not likely that it would lose its original setting. They don't last forever, particularly on manual trans cars. Unfortunately, it's tricky to replace on the M20 living under the manifold as it does. If you have a manual and more than 100000 miles on it, just buy a new one.
And yes, a misadjusted AFM can do bad things to idle and throttle response.