Well, it depends a lot on your ingredients, but it sounds like it's right in the ballpark for an American IPA. I've had the same confusion in the past...I made a beer that tasted like an APA to me, but according to the BJCP it was an IPA. I'm not sure the guidelines really reflect the type of beers that are being made on the West Coast these days - I can't remember the last commercial IPA I saw that had IBU's in the 40's. 70 seems like it should be the starting point, not the top of the range.
Ingredients: Pale ale malt (well-modified and suitable for single-temperature infusion mashing); American hops; American yeast that can give a clean or slightly fruity profile. Generally all-malt, but mashed at lower temperatures for high attenuation. Water character varies from soft to moderately sulfate. Versions with a noticeable Rye character (“RyePA”) should be entered in the Specialty category.
Vital Statistics: OG: 1.056 – 1.075
IBUs: 40 – 70 FG: 1.010 – 1.018
SRM: 6 – 15 ABV: 5.5 – 7.5%