Something in the neighborhood of 5500 motor RPM (with the STOCK 16:1 gearing) will get you your 70 mph. That's a pretty low RPM; I personally wouldn't waste time with a Mabuchi RS-385. You'll need a slow-turning motor like the Pittman 9434. OR you can run a higher-voltage winding at less than its rated voltage. For example: a Pittman 8000-series motor has a no-load speed of ~9000 RPM. If you run a 24V motor at 16V, it'll turn around 6000 RPM, with the added benefit of lower current draw.
The best bet would be to change the gear ratio, but unfortunately Lionel took (and continues to take) some engineering shortcuts. So that's very hard for us to do. A gear ratio of about 25:1 to 30:1 would be ideal. In order to achieve that with a 16:1 axle gear, you would need a planetary gearhead on the motor with a ratio of 1.5:1 or 2:1. Personally I doubt you'll find one that low. So this loco, like many others, will never deliver fully on the promise of realistic operation suggested by its original price or scale dimensions.
That being said, search for posts by HARMONYARDS. He has done some excellent conversions of the Lionel Reading T-1 and NYC Mohawk by shoehorning in a Pittman 9434. His technique isn't for the faint of heart ("don't try this at home!")