Dave: Several guys in my area are using the Rustoleum to effect. No one has indicated problems with heat, so I just painted the engine compartment in my '75 with the satin black. When you say "sort of" goes with your exterior color, I am assuming that you are talking about your '70 and believe you will be unhappy with the match of any blue other than an original color match. Last fall, I used a Krylon blue to paint a few engine parts on my '75 and although it was close, it wasn't close enough. It wasn't until a recent engine changeover that I realized that the paint I had used on the engine made it look gaudy, but no one had the nerve to tell me that when I was at shows!
My suggestion would be to go with an offsetting color, such as black, silver, or gray - or something neutral that will compliment the car's exterior and the engine, not detract from it. Marv