1992 Airbag Module

Just a heads up, there is also a safing sensor in the B pillar driver side.

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Excerpt from http://www.veryuseful.com/mustang/tech/airBag/airBag92.html:

The primary sensors measure the crash severity while the safing sensor confirms the crash and is used to prevent inadvertent deployments possibly caused by a malfunction in the primary crash sensor circuits or crash sensors.
 
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I can assure you that the safing sensor is not in the B pillar on my 1992. It's a convertible and has no B pillar! :D

The "backup power supply" on my 1992 is inside the diagnostic monitor, not a separate unit as shown. I believe the safing sensor is in the A pillar somewhere, not sure if that's just a convertible thing or if it is a 1992 thing.
 
Looking at @AeroCoupe 's diagram, it looks like the safing sensor is actually in the rear quarter panel near the driver's door jamb, not actually in the B-pillar itself. That certainly doesn't mean yours is not where you believe it is in your car though.... could very well be a hard top-vs-vert thing, or a different-year thing, like you mentioned.