70w will work just fine and is the cheaper route. However the 150w could work too. You have more bulb choices at 150w+ too. Just be sure to hang/mount these enough above the tank somehow so that 1, they don't get water splashed on them (They are VERY hot and could burst) and 2, the corals don't get burned. Also be sure to
acclimate your corals to the new light, and watch the water temp.
I have a 250w MH over my 10gal, running that way for close to 2 years, even had it on a 2.5gal at one point. Who wants to argue it won't work?
Like i said, it might be overkill a bit, but 150+ can work. 70w will work very well and let you grow pretty much what you want.