Yes, when the 2 wire one reaches the set temperature the gauge will peg hot ---it is one way to know which side has the problem, if the gauge suddenly goes "hot" it is usually the 2 wire side, if it goes hot gradually it is usually the 1 wire side
Whichever side the wire gets to first coming up from the wire loom on the left side of the engine. So, whichever terminal ends up on the driver's side of the engine when it's screwed into the block tight.