I can't really speak much for placement, but my penis is slightly lower on my body than on a male's.
Since I do not have a clitoris (my penis is in place of it), It's more pleasurable to masturbate with my penis.
I suppose it depends on what we can agree "functional" means in this context. I have a penis and a vagina, and they both "work" in the sense that they no not just look like a penis and vagina, but I am infertile on both fronts, and can neither carry nor sire children. Kinda makes me sad sometimes, but that's the way Genetic Mutations are I guess.