Progress:
$\phi: O(3) \rightarrow \mathbb{Z}_2$
$\psi: O(3) \rightarrow O(3)/SO(3)$
$\theta: O(3)/SO(3) \rightarrow \mathbb{Z}_2$
$\phi(O) = \text{det} (O)$ with $O \in O(3)$, that way
$\phi(O) \mapsto \{-1,1\} \cong \mathbb{Z}_2$, where 1 is the identity element.
Ker($\phi$) = $\{O \in SO(3) | \phi(O)=1\} = SO(3) $, since $\text{det}(O)=1$ for $O \in SO(3).$
By the multiplicative property of the determinant function, $\phi$ = homomorphism.
***What is the form of the canonical homomorphism ($\psi$) in this case?
I'm used to the coset language,
i.e. $\psi: G \rightarrow G/\text{Ker}(\phi)$ with $\psi(g)=gK$ for $K=\text{ker}(\phi)$
If this were settled, then $\theta$ is an isomorphism by the isomorphism theorem.
I believe the codomain of $\psi$ is wrong, it should be $O(3)/SO(3)$ (which is isomorphic to $\mathbb Z_2$). Then the form is precisely as you described. More concretely, $\varphi(O) = SO(3)$ if $\det O = 1$, and $\varphi(O) = O(3) \setminus SO(3)$ otherwise. Note that $O(3) \setminus SO(3)$ is actually equal to $(-I)\cdot SO(3)$.