Well there is no way to know if the PSU is a lemon but it should. I have the Vp450 and it holds up with a R9 280 and my overclocked thuban 6 core. The 280 pulls more power than the 1070 so you shouldn't have a problem.
the PSU can put out a lot more wattage then stated upto around 670watts. The 1070 doesn't draw that much power and as long as your not crazy overdoing it on drives should be fine.
Well there is no way to know if the PSU is a lemon but it should. I have the Vp450 and it holds up with a R9 280 and my overclocked thuban 6 core. The 280 pulls more power than the 1070 so you shouldn't have a problem.
if you don't already have the psu, there are better options but if you do have it already it "should" be ok but it is not really designed for such overclocking systems. it's more of a non overclocking type psu. the i7 can pull some crazy power when oc'ed and i'd watch very closely to how much it is pulling. run that psu too high for too long and it won't last very long.