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Also as noted in the add, it does not work with a TH350 transmission. I had to find this out the hardway because the Paragon catalog just says TH transmissions! As Bob stated, it mounts between the transmission tail shaft and the rear rubber mount on the frame which isolates the exhaust noise from the cabin. Being rubber mounted also allows the exhaust system to move with the engine.
Yes that is the exhaust hanger bracket. The reason it does not work with the TH350 is because they were not available in 74. The the TH350 came out the bracket looked different because they no longer had dual exhaust.
Here it is installed on my 71'. It straddles the trans mount and holds the exhaust pipe. My 78' which had a single pipe had only one side to hang the pipe.