The generator is putting out 70VAC at what revs? is that across all three legs?? you actually need to check the output at a few points through the rev range; idle, 3000 rpm , 6000 rpm. cause 70 VAC at idle is high, especially as that would tend to indicate about 100 VAC at 6000 rpm, in which case the stator has open circuited and needs replacement or re-winding. BTW remove , clean and resecure every earth on the bike .
Dink