1996 Ford Bronco

I've not worked on fi engines before. I was driving '81 Bronco, 4WD carbureted until now, (300,000miles) but I'm a fair mechanic.
Just bought this fine machine; 4DR 2WDAuto, 302V8,
99000 miles.
The check engine light is on, I turn it off, it comes back on.
Codes PO340 (Pos A circuit sensor bank 1) and PO402 (EGR flow excessive) I know it's running rich because there is carbon on the tailpipe.
It doesn't run too badly nor stall. I can feel a little roughness in the engine. Gas mileage is 12/14mpg, which is, a bit low I think.
Would appreciate any help in diagnosis as well as the physical location of the EGR valve, pfe, and pvc and such. There is so much stuff crammed into this engine compartment I can't see much.
Thanks alot
April 19, 2007.

P0340 Camshaft Position Sensor A Circuit (Bank 1 or single sensor)
It's either the wires to it or the sensor itself. Too much EGR could be the valve is not closing fully. Or the egr position sensor is faulty.

Apr 19, 2007.
Hey thanks for the quick response.
Happen to know where the EGR is located on the 5.0 engilne?
I have a Haynes manual but it only shows it on the V6.
I've seen a picture of it (I think) on Advance Auto parts web site, but I can't find anything that looks like it so far.

Apr 19, 2007.
It's probably bolted to the back side of the throttle body. You will see a small diameter flex pipe comming from the exhaust manifold to the rear of the engine, the EGR screws into it!

Apr 19, 2007.