I'm aware that some model years of Mustangs have an error in the owner's manual. The fuse listed as fuel pump is actually the PCM. The fuse listed as PCM is actually the fuel pump.
The other thing that I know about the 96-98 Mustang is that all (4) O2 sensor heaters are powered from the PCM. The thing about that is a fault in any one of the O2 heater circuits will blow the PCM fuse.
Given the fact that recent exhaust work was done, my $$ is on a wiring harness fault from touching hot exhaust somewhere in the system.
One quick test is the measure the resistance between the VPWR line at an O2 sensor and battery negative with the battery positive disconnected. Should be a very high value. If the Ohm reading is low, this puts you miles ahead in the trouble shooting.
Knowing now that the problem could be in any of the (4) O2 lines, suggesting a recheck with the "Mark I eyeball" as well.