3:2a You yourselves are our letter, inscribed on our hearts,

It is you (plur.) who are our (excl.) letter ⌊of commendation⌋, indeed, ⌊as if⌋ written on our hearts,
-or-
You yourselves are like a letter ⌊that recommends⌋ us. You are ⌊very loved, like a letter⌋ written on our hearts.
-or-
Your ⌊own faith explains our ministry⌋ like a letter ⌊of recommendation⌋ for us. ⌊We have a close relationship with you, as if your names⌋ were written on our hearts ⌊in a letter⌋.

3:2b known and read by everyone.

which is read and known by everybody.
-or-
It is a letter that everybody reads and knows.
-or-

⌊Your lives show your faith⌋, like a letter that everybody can read and know.

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