You have the idea, but the wrong procedure. All measurements are taken on the middle wire. I'll paste in a write-up I saved long ago, from the previous board, which shall go un-named. I lifted this from a posting by CDNSARGUY, who in turn took it from Dieseldon.
[FONT="]RGMS4x4 I think your ok as long as the engine idle was set to spec.
This is a post by DieselDon I have taken the liberty to trim slightly.......
Hook up the negative lead of the volt meter to the battery ground and the positiove lead to the center GY/W ( grey/white wire which is the FIPL signal wire), I use a paper clip up the side of the wire in the connector. The FIPL must be attached to the wiring harness. Engine low idle speed must be set to specs prior to adjusting the FIPL. Engine off key on........
With a warm engine, key on, engine off measure the voltage at the GY/W wire, if adjustment is required loosen either the bracket with bolts or just use the slack in the Torx screw holes. Now gently rotate the FIPL until you get some where between 1.05V and 1.1V. then tighten the torx screws or bolts which ever you loosened ensuring no movement of volt setting . Rotate the throttle lever to WOT see if you get 3.8 V but not more than 4.3 V.
The FIPL mounting bracket can be moved but ensure it is centered for a good rotation. Any adjustment should be made by only rotating the FIPL. If a new FIPL is required, check tang engagement as you take off the old FIPL and then make sure that the tangs in the new FIPL engage the throttle lever properly.
The closed throttle voltage: 1.1 V, .........wide open throttle voltage: minimum of 3.8 V but
not more than 4.3 V. [/FONT]