To locate it precisely:
1. Locate the Throttle Body: The throttle body is the large housing connected to the intake manifold. It's where the air enters the engine after the air filter. You'll likely see a throttle cable connected to it.
2. Look for a Small Valve: On the throttle body, look for a small valve, often with one or two electrical connectors plugged into it. It will likely be near the throttle plate itself. It might be round, or slightly rectangular.
3. Trace the Electrical Connectors: If you can't visually identify it right away, follow the wiring harnesses going to the throttle body. The IAC valve will have a small electrical connector(s). Following the wires will lead you to the valve.
Important Note: Pictures of a 1989 Caprice 305 TBI throttle body with the IAC valve clearly marked would be helpful. A quick online image search using those terms will likely provide visual confirmation. Compare what you see with the images to make sure you've found the correct part.