But many of these classic PP still sound fine! Why? Because feedback or because PP has PS noise cancelation?
Feedback allows the amplifier rejection of that which is not the signal, so generally speaking, yes.
I really liked the 3 6sn7 tube version that tubes4hifi used to sell and perhaps still does. It makes the amp considerably better.
The problem with any mod that adds tubes to the circuit is the extra load on a power transformer that might already be 65 years old. Dynaco strikes me as being pretty precious about their transformer ratings- I don't like to take chances with them, especially in light of their age.
This is just me of course but if I'm going to modify a vintage piece I follow two simple rules. The first is don't add any extra load to the power transformer. The second is don't do anything that does not fit very easily into the existing chassis. Violate these and you're likely better off doing the whole thing from scratch.
The really glaring weakness in the ST70 is it should have been designed with dual rectifiers; as a result the 5AR4 is the most likely tube to fail in the amp. Triode Electronics of Chicago has a beefed up power transformer that is a drop in replacement that allows you to add a second 5AR4, thereby keeping the correct B+ operating point and so not stressing the output transformers as well. But you have to find room beneath the chassis for some 500V filter caps. It starts to get a bit ridiculous- at that point why not just do your own chassis so you can lay out things properly?
If an ST70 is properly refurbished but pretty well the stock circuit, it can be surprisingly good against a lot of modern PP and SET amps. Since it really does not have enough feedback, you have to help it along with good quality coupling caps and resistors in the voltage amplifier and driver circuit. The second thing to understand about this amp is because of its power supply weakness, you really should not push it hard (which is better for sound but also keeping that 5AR4 alive). CE Distribution in Arizona makes a drop in replacement filter can that features an 80uf section, which should be deployed after the choke, for the plates of the power tubes. That's about as much extra capacity as you can safely add to this amp without stressing the 5AR4.