Admittedly it's kind of a guess on my end because 1970 was 13 years before I was born!
And absolutely, there was a ton of TERRIBLE guitar tone in the 60's and 70's, especially with cheap crappy gear. You can get a Boss Katana 50 and a Squier Affinity Tele for say $550, which is about $75 in 1970 dollars. Again, that's way before my time, but
I found the Sears catalog from 1970, and here's what you can afford for $75:
That's a single pickup Silvertone guitar and a five watt Sears brand tube amp with an 8 inch speaker.
Also, guessing everyone who's put an SM57 on a guitar amp has also captured some of the nastiest tone known to man.