2005 Gt Throttle Issue

Hi guys I'm new to mustangs and I just recently bought a 05 GT at auction to play with and probably flip for profit. From what I can tell the car only has exhaust and a K&N CAI as mods. The problem is that I have probably a inch or more of slack in the gas pedal and when it does catch your nearly barking tires every time. I had a friend replace the throttle body sensor and pedal position sensor with no change. So I went to the local stealership today and they told that they thought maybe someone tampered with the throttle body and that it could also be the K&N setup. of course they tried to sell me a whole new stock setup at $1200. I'm contemplating finding a used throttle body to try out but I find it hard to believe that a simple intake could cause this.

Any input or suggestions would be greatly appreciated. I also have a CEL on that I will post the code for tomorrow to see if that helps.
Thanks.

racerraj said:

The sensors were where I would have started. Perhaps the throttle body motor is bad? Or is the motor and throttle body sensor one piece? I don't recall. I'd price a motor vs a used throttle body. Hard to imagine that wouldn't fix it.

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I took it and had the codes ran today and they are telling me I need a new throttle body. The printout they have me had the codes

I took it today and had the codes ran. The car also idles very low. Sometimes low enough that you think it might stall. They said that I now need a new throttle body. The codes they printed off were. P 0505 and P 0506. Does this sound correct?