A gravity of 1.158 isn't going to kill EC-1118. It is going to stress it. That means more volatile acidity and acetic acid production and more harsh flavors (and possibly odors). And yes, you are going to get peachy rocket fuel, but with age it may become something nice. Just plan to be patient.
It is possible for the osmotic pressure to be so high that yeast cannot function and essentially are choked. That level is somewhere around 500-550 g/L of sugar (a gravity above 1.190). At levels between where you are and this level it is hit or miss, and even when the yeast get started, they often poop out prematurely.
The temp of 70 F is okay. You are light on nutrients - very light. High gravity batches need a lot more than normal batches (like double).
I hope that helps.
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