Well, there are three coolant temperature sensors on the engines, that is true.
Let me clarify what ones are what.
On the driver side head, there are two senders. The largest one of the two (and I believe to be the one closest to the radiator) is the overtemperature switch. Once the engine hits 244*F it will peg the needle to HOT and turn the engine light on in the dash.
Behnd that and closer tot he firewall, should be a slightly smaller temperature sender. This is what moves the gauge and gives you a realtime temperature reading to teh gauge.
Now, on the passenger side head is a third temperature switch. This is used to determine to burn the glow plugs or not. The glow plug controller uses it to determine engine temperature above or below 130*F.
That Motorcraft SW2520 SEEMS to be the sender used to determine real time engine temperature. I am not sure if the 300 six or 302 and 352's used an overtemperature switch or not, but this sender is used on F100, F150, F250, F350, E100, E150, E250 and E350 vehicles from 1983 - 1994.