The 70 of that vintage was built on the same powerhead as the 75 and 90 horse models. The 90, 3 cylinder Merc may have been their most successful motor over the years - it was a great motor.
Now are they/were they reliable. That depends. Did who ever owned it look after it? regular maintenance? sat for years in the back yard not covered over?
I have two 1986 outboards (9.9 Merc/140 Evinrude), two 1987's (9.9 Merc/2.5 Evinrude) and a 1991 15 horse Mariner. They all run as good as the day they were new - but I maintain them.
Without knowing the history of a motor there is no way to tell you if it will be reliable. It might "look good" but could be a day away from the junk yard.
If the dealer is selling it and says it's fine have them offer a warranty - say 90 days. If he/she is not willing then walk away. If it's a private sale then I wouldn't place alot of value on the motor when trying to determine a fair price for the whole package. I would place the value of a "unknown" 1987, 70 horse at maybe 500 bucks - if it's running and the compression is good - more if there are service records showing it was diligently cared for...