Hello,
I think that 30/70 is way to conservative for someone who is 40 years old. I would go with 70/30 or so, as long as you aren't tempted to sell on the bad days.
Your asset allocation distribution should be treated differently. Fill up the 401k with your bond allocation. This can be a total bond fund if you like.
Your Roth should be only in stock funds, maybe the total stock market fund. Some international is ok too, depending on your tastes.
Your taxable account should be an index stock fund. No bonds.
Fund your 401k to the match for sure. If you are going to retire at around 55, you want more in your taxable. Later on, do some Roth conversions if you can.
Watch your tax bracket and fund less in the 401k each year, up to the point that you would end up in a higher bracket. This will cause more taxes now, but could save you a lot more later. The "you'll be in a lower bracket when retired" saying isn't always true.
At 70.5, you will have to start your required minimum distributions from your 401k, and it might not be a good time to do it. You may find yourself in that higher tax bracket.
A few thoughts from an guy on the cusp of 70.
I am at 60/8/32 (32% cash) and am comfy with that asset allocation. I don't expect to spend much of my nest egg as I saved quite a bit more than I had to. I behaved myself during 08 too.
Dave