I just bought a 1996 F150 w/ a 5.0 and it seems to be flooding out on cold start, I end up holding the accelerator about 1/4 of the way down just to get it to fire up and have to continue to do so when it does start to get it to smooth out any ideas?

 

One of the things that changes when you move the throttle pedal is the throttle position sensor. Sometimes if happening enough it may place a code on the computer memory and might be a good idea to check for any codes.
The symptoms may appear the same , but a coolant temp sensor should be checked also.