70 watt HPS on a 70 watt MH ballast I believe is very hard on the lamp. Either that or it causes the ballast to overheat.
Why should that be hard on the lamp?
Lower current means lower efficacy, but lower stress.
Higher OCV? That only makes the arc itself more stable, so in fact less stress on the electrodes during reignition. The thermal runaway problem is not there, because the lamp is just underdriven (my guess ~1.1A instead of the rated 1.5A)
Ignition voltage? Once it is greater than the lamp needs, it is limited by the lamp anyway (as it is supposed to be the case).
What may suffer is the ballast: Seing a 55V (or even below that, because the lamp will never warm up) means there is higher current than designed (my guess was ~1.1A instead of the designed 0.95A), so higher heat dissipation (15% higher current means 30% more heat). But because there is actually less heat from the lamp, the system may still be OK.
So the lamp would be perfectly fine (although not performing), only the ballast reliability could be questioned...