70 psi doesn't sound too good Dazza, even on a low compression grey motor.
In my day to test whether it was cracked or worn rings/bore versus burn't valve, we'd give the offending cylinder a few squirts of oil to temporarily seal up the ring to cylinder bore sealing ability then do a compression test.If the pressure increased to a major extent ( say it went from the original 70 psi reading to 100 psi ) that usualy indicated a piston/ring/bore problem but if the psi didn't increase much then it usually was a burn't out valve.
There can be other reasons for low compression however like cracked/warped head and/or blown head gasket etc but these usually result in pressure build up in the cooling system/loss of water, or water in the oil symptoms etc.
If a piston was holed or had damage to the ring lands then that wouldn't give a psi increase so the oil squirt theory wasn't always right.
Looks like whatever happens the head will have to come off and you can usually get an idea from an inspection of the valves and piston/bore condition as to how far a rebuild you will have to do.
I doubt very much whether you can buy one set of rings but you could try JP Pistons or a similar company.
Let us know the post mortem results
Hope this helps,
Terry.
P.S. Just had another thought which I should have added to the above.
Before you pull the head off,check for correct tappet clearance or sticking valve or a rocker problem as this can also give low compression readings as well, especially if the motor has been sitting around for a while
I can't think what to write here so this will do.