Sounds fantastic! I raided a lot of 70s TV Supers shows when I built my own campaign.
Generally, I'd limit DCs, OCV, DCV, PD, ED, and possibly active points, but go with 350 point characters. However, point level is secondary to flavor.
Strength probably caps off around 50 at most; everything the Hulk, Steve Austin or Wonder Woman lifted had to be movable on a 70s TV SFX budget. The exception would be live action giant characters from the period (Ultraman, Ambasador Magma, Inframan, etc; though while those shows were on air in the 60s-70s, many were set in an imagined version of the 1990s), if you choose to allow them at all. Personally, I love the idea of Steve Austin and Diana Prince in America while Japan, Taiwan and Hong Kong have to deal with constant giant monster attacks.
The most powerful Superheroes of the period and medium are probably Darna (a Filipino Supergirl, powers reduced for TV) and Captain Marvel. A fun background idea might be that the TV Superheroes of the 50s & 60s were real, but are now retired, giving you TVs Superman, Batman, and Green Hornet.
Bruce Lee is still around and about to hit the height of his fame in the 1970s, and was doing American TV shows in the 1960s; Chuck Norris is just starting his film career, as are Sammo Hung and Jackie Chan. Plenty of chances for some martial artist characters.
You might also consider whether Dr.Who is running around in England.
I'd suggest the OSI as a generally benevolent organization to sponsor your heroes.
So, um, yup. A groovy 1970s campaign with a power level set to TV standards would rock.

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