You have enough size and horses to run a seriously large cutter if you want... probably up to 10ft. You'll want to go at least 6ft so you cover your tire width, but you need to think about the advantages/disadvantages involved when moving to a larger size than that. You can get 7ft or 8ft single blade cutters, which the 7040 would handle. The drawbacks to those are the huge deck and giant single blade, which will scalp more on uneven ground and they are harder to transport. There are 10ft cutters that have 2 spindles (I guess it's a 2/3 batwing), whose disadvantage is cost. The "batwing" type cutters are typically 15ft or larger and would most likely be too much for a 70hp tractor.
Another consideration is that the mowers cost a lot more as the size increases beyond 6ft.
You'll need to think about your intended applications to decide which is the best choice for you. Larger may not be better, depending on how it will be used.