Folow the heater hoses- about a foot from where they go into the firewall at the heater core, there will be an inline valve mounted on the pass side fender. If you have a/c, both lines will go through metal tubes, but only one will have a valve. If you don't have a/c, only one line will be spliced by the valve. (OK, that's 73/74, but 71/72 should be similar).
The valve will also have a cable attached, that goes through the firewall to the temp slide control in the dash.
Look closely at the valve to check for obvious thick rust.
With the hood open, look at the valve and move the slide lever. Does the cable and actuator arm move?
I'd also unhook the cable from the actuator arm, and see what the motion ov the valve feels like.
Is it smooth? Can you see the plunger moving? Or is it very stiff with no movement?
If any of these things causes concern, I'd disconnect the hoses, unbolt the valve, and have a look inside to see if it actually opens when the actuator arm is manually moved.
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Rock auto has a valve that is not 100% correct for 73, but will work- $50.
It looks like the one I got from ebay. I had to drill one hole in it, and I reused the portion of the old mount that comes apart.
Had to tap the holes and find bolts, but smaller bolts and nuts waould have worked.
Also part of the new mount is too long. Doesn't affect operation, but I may trim it for better looks.
Don't know if it's correct for 72, but the correct for 73 ones I was able to locate were $125-$300. No thanks.
Advance also listed one for $57.