1970 is not my typical year of interest so I can't be sure of the other holes just the trailer hitch bolt pattern which is the same 65-70 Mustang .
I had a 1969 Mustang Sportsroof that I added a hitch to. Same two holes in front of the gas tank. There were two more holes in the bumper as well. It was for towing a fiberglass dune buggy: Pismo Beach, Marina Beach, Italian Bar in the Sierras were a few place the "gang" went. Fold down the rear seat, flip up the trap door, fold the passenger's seat forward, stuff the clothes bag in the gap and spread out the sleeping bag for over nighters. It was tight (I'm 6 foot) but doable.
In that time period, Mustangs were just another car used for commutes, shopping, travels. It was a fun car.
Jim