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yeah i believe its called a petcock. lol. its on the passenger side on the bottom of the radiator. funky looking t shaped fitting that you just unscrew. and if you take the radiator cap off too it will drain faster.
Be very careful when attempting to remove pipe plugs from the engine.
After 36 + years, they may have solidified to the block, could snap off.
IMO, instead of messing with the block plugs, risking the chance they could break off (then what will you do?), go to a parts store and buy a radiator/block flush kit.
Besides the two block drain plugs there are two more used to block off the oil passages.
87837S .. Pipe Plug / 1/4" -18 x 27/64"
The radiator petcock also could snap off, but this pet***** are available from autoparts stores.
Ford used the same brass petcock on cars/trucks from 1949 thru 1979: 8A-8115 / 1/4" pipe thread.