The studio that I worked for in the seventies were still using tungsten lighting. A bank of four 500watt bulbs in a continuous white reflector, plus three other spun aluminium reflectors with 500 watt bulbs in each. The bank gave an overall wash, with the others employed as a main light, extra fill and as a back light. The lighting was good, but bloody hot in summer!
The studio soon switched to flash with umbrellas, then to a combination of softboxes with umbrellas. The back light was another flash with a snoot.
Continuous lighting seems to making something of a comeback, with halogen lights giving plenty of light without too much heat. If you were setting up a studio, the continuous lights would give to look you are after, plus they are much easier to control as you can see exactly what you are getting.
Bear in mind that if you are using film, you will need to use one with a muted palette, such as Fuji NPH and Kodak Portra to give that 70's look.