When you start using the tool and the regulator drops to 70, what is the pressure in the tank before the regulator? While as others have pointed out 70 should be OK, the problem may be that you need all 1/2" connections in the regulator and maybe hose. Its also possible that some regulators of the same size (1/4") may be more restrictive than others.
I am almost complete going to all 1/2" with respect to filter/regulator/lubricator. And they are all IR. An upgrade from 1/4" HF.
Also a larger tank could generally help. And if the compressor is some distance away, then a local tank could help.
Years ago I worked in a roof truss factory and they had a monster compressor like 25HP with a dryer, and I am not sure what size tank. Next to each machine they also had local tanks. While the actual pressing of the plates was hydraulic, they did use air for clamping the wood, etc.