With a starting gravity of 1.070, the wine will have less alcohol. You
should expect it to be an early drinking wine and don't plan on
cellaring it for a long time.

It's a good idea to rack when fermentation is largely, but not
entirely, complete. The last little bit of fermentation will consume
any oxygen introduced into the wine during racking. Racking too early
can disrupt and slow down fermentation. It's good to charge through
primary fermentation in a reasonably short time.

Greg G.