Welcome! I'm Ron Z! I will do my best to answer all of your questions. For easy access to this thread, bookmark it now! Please read everything!
The P2270 is a fairly straight forward code pointing to a fault in the downstream heated oxygen sensor (B1S2). Basically, it's not switching in the alotted time that on-board computer needs to see. Carefully inspect the wire harness and electrical connector for any loose, broken, pinched or rubbed through wires. Make sure there are no current exhaust leaks in the system. If the visual inspection checks ok, replacing the sensor should solve the problem.
What version of the 3.0L do you have in this vehicle? If you are unsure, I can identify by the 8th digit of your VIN#.
Yep. Thats the single, with FlexFuel (good engine! Have one myself in an '02)
Bank1 is on the side of the engine, closest to the firewall. Sensor 2 means it's behind the converter.