You can do it, but you will lose torque when you go above base speed. Up to the base speed (60Hz if you are here in N. America), the motor HP increases with frequency, but only up to the maximum rating of the motor because you have to increase voltage AND frequency together. At full speed you are also at full voltage, so if you continue to increase speed (Hz), you have no more voltage and the HP remains the same. Increased speed at a fixed HP equals less torque.
Generally though (and this is a big generalization), you can get away with 70Hz OK because most motors are a little over sized for the application anyway.