Thanks everyone. Glad the second thing is just an exhaust hanger. (I need to replace the entire rusty exhaust anyway.)
I poked around the transmission to see if there was anywhere I could plug in the blue plug, but I couldn't find anything.
It's a 1996 XLT, and as far as I know, the shift points are right and the speedometer works. I'm not sure about cruise because the steering wheel button is broken. I'm not sure if it's the original transmission or not.
I have an ABS light that's been on since I bought the truck. (I think it's probably the differential sensor, though I can't seem to get it out.)
I'm not sure if I even have a check engine light, but I had the codes scanned yesterday and none were found.
I took so more pics if they make things any clearer. Here's the rear end of that sensor:
And here's the two separated out a bit.
They're both attached together on the same harness.