I recently pulled a complete set-up off an all original 72. If I remember correctly, there should be a 90 degree fitting where yours goes through the fender. From the 90 degree fitting, it should come out between the fender and frame next to the other hose. There should be no extra holes, cuts, dimples, whatever in p/s inner fender vs. non power steering fenders... that I'm aware of. 4x4's may be different?
Here's some pics. Yes, the fender is peeled back, but I did that because it was so rusty and it made taking the system off a lot easier than trying to remove 35 year old New York fender bolts
I still have the set-up all connected (took it off assembled.) If I can remember, I'll try to take a pic of the set-up tonight.