It doesn't really matter how the hoses are connected to the engine but from the factory the hose that goes to the water pump went to the heater nipple closest to the fender.
And someone has done a little "engineering" on the water valve. There should only be one and it is in the opposite hose, the one that goes to the thermostat area. I think someone did this because they don't know how Ford originally did it.
On the '73-mid '75 trucks with factory air the valve had two vacuum lines going to it. In mid-75 the design was changed to a valve with a single vacuum line. Sounds like they put two of the later valves in, why is another question.
The correct valve is D0DZ-18495-A
Dennis Carpenter Obsolete, Concord, NC has 6 (704) 786-8139
Green Sales, Cincinnati, OH has 4 (800) 543-4959
NOS Parts Source, Olathe, KS has 1 (913) 220-5746

Also, here is an illustration from the Ford parts catalog. It's for a 302/360/390 (they don't have one for the 460) but its the same basic setup.