If you have to pull up the accelerator pedal, then that sounds like either a missing/broken accelerator return spring or a sticking accelerator pedal/linkage. It would be a separate problem from the ABS warning light. Both problems are things that you need to fix before putting the truck on the road again! The ABS was added to keep drivers from locking up the wheels when braking hard with a light load, and has nothing to do with a sticking accelerator.
It shouldn't be too hard to figure out the accelerator pedal problem. Make sure that the return spring is present, not broken, and not rusty. See if the linkage or pedal is sticking at all. If it is, you may need to start disconnecting parts of the linkage to narrow down which part is sticking. My truck came with a similar problem, and it turned out to be a rusty pivot at the bottom of the accelerator pedal. I temporarily freed it up by disconnecting the linkage, lubricating the hinge, and working the pedal back and forth. I got a new replacement pedal from eBay that I'll install soon.
Now, only racing when the truck is put into neutral sounds odd, so maybe there's something else going on that I don't know about yet. There's a mechanical linkage from the accelerator to the transmission if I remember correctly, so maybe something funny is going on in the transmission? If you don't find a problem with the accelerator pedal, return spring, or its linkage to the injection pump, then maybe you need to start looking at the transmission?
For the ABS light problem, I haven't had to fix that before. The first thing that I'd do would be to plug in the Haldex ABS diagnostic box that I got off eBay. There's an ABS diagnostic port under the right side of the dash, next to the larger STE/ICE-R diagnostic port. I don't see any of them on eBay right now, but maybe another M939 series collector near you has one?