The output speed sensor in located on the left side(drivers side)at the rear of the tranmission. The input speed sensor is located in the front of the transmiison on the left side as well, and yes both speed senors are interchangable. This information is for a 1998 Jeep Grand Cherokee Laredo with the 4.0 (6 cyl). The speed sensor costs around $26.00 at auto zone. The senor screws in and out, just make sure you have a catch pan to catch the transmission fuild that will come out.
And do yer self a favor and DON'T reuse the the fuild that came out of the transmission!!! Transmission oil is cheap compared to repairing a transmission.
Also the speedometer signal comes form the ABS sensor on the rear axle.
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