At 70,000 miles chances are good you'd only be faced with replacing some (perhaps all) of the exhaust valves, intake valves have a much easier life. You also have to check the guides for excessive wear (replace if needed) and grind the seats. A machine shop can reface the valves and if the seats are still in good shape, they can be hand-lapped which, while not as satisfactory as a machine-faced seat, can still give very good service.
If you're mechanically inclined, doing a valve job is pretty straight forward if you can get some advice from someone who's been there and done it. Not too much in the way of special tools needed, and those can probably be borrowed. If not, look for an old-time mechanic or someone in your local PAC or PI regional club who does this type of work. If you were here in NJ I'd be glad to help you do it, I've done more valve jobs on these engines that I care to think about, perhaps you can find someone with similar experience near you.
This may be helpful to you.
http://www.packardclub.org/forum/viewtopic.php?f=14&t=862&sid=f5f11908485f65c549ded78d9feabbf8 Don't get preoccupied with a using a dwell meter, just set the points accurately with a feeler gauge and you'll have the correct dwell. Dwell is just an indirect method of measuring the point gap. I'm pretty sure a 12-volt dwell tach will not perform correctly on a 6-volt car. Polarity isn't an issue.
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