On the 3FE, the exhaust pipe comes from split manifolds (2) off the engine. Each pipe has an O2 sensor right before they enter the catalytic converter (on top of the exhaust pipe). One exhaust pipe comes out of the catalytic converter and exits at the rear of the vehicle after their muffler. When looking up the part number, some books will identify which pipe the sensor is located (either left/right or by cylinder number). The only difference between the sensors is the length of the electrical pigtail.
Rust is a normal but painful reality. I am preparing to replace both my sensors, but due to rust, will be removing the exhaust from the flange on the manifold to the union just after the catalytic converter. Anticipating the studs for the sensors will break, as they will not loosen even after penetrant and judicious use of strength. Plus the nuts are corroded enough, neither socket nor wrench can gain a grip. Must exercise patience!
Good luck with your project!