You know an even 70 psi is not really that horrible on an old truck. Especially since the battery, starter motor, poor connections may not be turning the engine over that fast. I would be much more concerned if it was really uneven. If it doesn't try to start on ether, I would suspect the ignition system is weak or malfunctioning. If it fires, but doesn't seem to pick up check the timing. Check to see that the positive side of the coil (not the side that goes to the points) is getting near (within a volt or two) battery voltage when cranking. If the battery voltage drops off pretty quickly when you begin cranking try cleaning the connections (battery, starter motor, ground) and if this does not do it swap out the battery. It just might be a good idea to make sure ignition is up to snuff before you try to start it. I have seen a bad condenser keep the ignition from working. Check to see if points pitted. Check to see that the plugs are not fouled, (if so will not fire at all) exhaust/fresh air system not restricted, engine turning over at a decent speed. According to the laws of physics, if you have fuel, ignition spark (at the right time), air, and some amount of compression its gotta run. One of these things is missing, and that is why its not running.
Good luck.