I went thru the same questions on my 74. If I remember right, 1970 had a gas tank vent line that went to a higher location than the top of the tank, then dropped down below the bottom of the tank, and inside the frame rail just forward of the rear axle. I routed mine that way.
I was able to route up against the bottom side of the trunk floor, just forward of the rear shock mount cross piece, thus higher than the gas tank. Then routed along the inside of the frame rail, following the frame rail all the way down to where the rail bends and points forward. At that point, the lower frame rail on my 74 had a hole in the side of the rail, also holes in the bottom of the rail. I routed the vent line in thru the side hole. I had installed boxed tubing subframe connectors and ran the vent line forward the entire length of the oem frame rail, then into the box tubing.
Some said to install a small fuel filter on the end of the vent line. I have not done this yet, but would probably be a good idea.
I would not cap off the vent line. The original idea was to send all the gas tank vapors to the canister, then into the engine. Capping it off does not give the vapors anyplace to go.