If the hard line is rusted through, you're going to have to get creative or find someone in the classifieds section that is parting out a 3FE, as this part is long discontinued. It is the hard line that runs from the water pump to the oil cooler under the crank pulley. There is a soft line on either end. If the soft lines are now 33 years old, consider yourself lucky. They should have been changed 15 years ago. 99556-30300 can be used for both soft lines. While you're in there, you should replace 15777-61030 which is the "S" shaped soft line from the top of the oil cooler to one of the hard lines on the right side of the block.
Consider replacing ALL soft rubber parts on the vehicle. Regardless of how it "looks" to you, this is a 33 year old truck.
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