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I've got mine mounted in the passenger side pipe 4 inches behind the collector of my long tube headers. It's normally a better idea to TRY to get it to read both sides of the exhaust so it you will have a better idea of how the overall engine is running vs just the one side. However, this makes it hard. I had a dual in/out hi flow cat installed, and have the bung for the sensor on it, but it's mounted a slight bit too far, and doesn't register hot enough for the sensor to be accurate.
So.... yes you CAN just put it in one pipe and run.
I have an 89 F150 w/ the 5.0 and when I had my dual exhaust installed w/ headers I had to put an H-pipe in to satisfy the O2 sensor..... up until I had the H-pipe put in the Check Engine light kept coming on and the truck ran like crap..... afterwards, no light and runs great! Hope this helps.
seems everyone has a different opinion i think i wll just put it in the passenger side for now and see if it works my check engine light is on all the time anyways since i removed the egr.