Hi MPM. I can understand why Fred and others here feel a strong twinge of concern when someone in school suggests using PVC for an air tank. We've all seen explosions from pressurized tanks and pipe, and students don't typically have the experience to know how to design and test pressurized systems. Sure, we've all seen potato guns, but we don't know what it is you're really planning to build, it sounds a bit more sophisticated. And besides, potato guns have been known to explode.
The piping codes in the US apply to these systems. This would fall under ASME B31.3, Appendix A. Note appendix A refers you to the main body of the piping code for most calculations. I'll be using this as a guide to make suggestions.
Regarding materials, PVC pipe falls under ASTM D 1785 or D 2241. The fittings fall under a variety of ASTM standards including ASTM D 2464, D 2467 and D 2468. There are others. If you decide to use PVC, one thing that would help ensure safety would be to verify one of these numbers is printed directly on all the pipe and fittings you use. If they don't have these ASTM numbers printed on them, they probably don't meet the minimum standards and shouldn't be used.
Cements used for PVC pipe should meet ASTM D 2564. Verify the stuff you purchase meets this code. Follow the directions on the can.
None of the pipe should be threaded except for purchased fittings. Everything should be glued using the appropriate cement. If you cut any threads, you're doing something dangerous.
At 70 psi, you have a roughly 3 to 1 safety factor on top of the standard safety factors. The "stress allowable" for PVC at 100 F is 1.6 ksi which says the pipe is good for roughly 210 psi operating pressure. If temperature exceeds this, the pressure rating drops off very quickly, I'd not recommend it above this temperature. The code also prohibits its use below 0 F. If the plastic gets cold, which it could because of the expanding gasses doing work on whatever, wait till it is warm again before pressurizing. Cold plastic is more likely to break.
Consider what external stresses you are imposing such as bending of the pipe between supports. The pipe should be reasonably well supported over long sections.
Once you've manufactured the piping, do a pressure test on it using water. Fill with water, make sure there is no air in the system, and then pressurize to at least 200 psi, preferably 300 psi. Hold this pressure for 5 minutes, then release the pressure and verify there are no leaks or distortion of any part. If it holds this pressure, I'd feel a lot better about using it.
I'd also suggest repeating this pressure test every 100 cycles or whenever you suspect damage or leave it sitting for extended periods of time. Cyclic pressure and other uncontrolled factors could damage the piping, regular testing will help prevent catastrophic explosions.
Verify all valves you use are rated for the given pressure.
You really should have a relief device, set at about 100 psi, immediately downstream of your regulator, just in case the regulator fails.
For a pressure source, do not use any source of pressure above 150 psi. High pressure cylinders are extremely dangerous.
Off hand, I can't think of anything else to warn you about. Maybe the others here could suggest specific considerations.