Yep! That's my read on this too. At that distance, the compensation due to elevation would be nil.
chizlr40: What I would also figure out is how much drop that slug has at 70 yards. Look up the trajectory information from the mfg.
A handy measurement here is the Maximum Point Blank Range. That is the maximum distance you can shoot, given a particular target diameter, without the need to compensate at all. Two things enter into this: one is the ballistics of the bullet and the other is the aiming point of the scope.
Here's an example of a 4" target and a sample 12 GA slug at 1300 fps:
Now, if you were sighted in dead on at 50 instead of 2 inches high as computed your slug would now be 2 inches low at 75 yards and 6 inches low at 100 yards-- much different.