Yes, components are using less power than they did in previous generations, at least for nVidia. However:
1. In most cases a quality 600+ watt PSU will cost roughly the same as a quality 430 watt one.
S12 430B is $47
S12 520 is $53
S12 220 is $59
2. PSUs hit peak efficiency at 50% load, which means your purchase costs savings will be recovered quickly in electricity costs ....PSU size rule of thumb is 1.5 times average power usage.
3. Larger PSUs will run quieter and produce less heat at actual load
4. The closer you get to rated load, the more performance is impacted ... voltage stability decreases and ripple increases which negatively impacts CPU and GPU OCs.
As for the 1070 w/ 430 watt PSU .. not recommended:
1. nVidia says no
https://www.nvidia.com/en-us/geforce/products/10series/geforce-gtx-1070/
Thermal and Power Specs:
94C = Maximum GPU Temperature (in C)
150 W = Graphics Card Power (W)
500 W = Recommended System Power (W)4
8-Pin = Supplementary Power Connectors
2. AIB cards draw more than reference.
3. Overclocking can add 20% more power draw .
https://www.techpowerup.com/reviews/MSI/GTX_1070_Gaming_X/22.html
The 1070 here is drawing 175 watts in typical gaming ... 175 + 20% = 210 watts ... add overclocked CPU at 130 watts and already at 340 watts ... 60 - 75 watts for everything else, capacitor aging and peaks ... 430 just too close.
The 1080 even more so....199 - 254 watts + 20% for OC = 239 - 305 watts