I wasn't around for $70M but I feel that going the other way helps with the realism of it. A guy like Lucic has a shit contract sure, but he also plays a role in the actual league and probably deserves to go somewhere. The spares I think are even more important than cap since who plays if there's an injury or whatever? We're assuming when voting that all 20 skaters play 100% of games, and I personally would find it more challenging (in a good way) to have to take into account that kind of stuff when voting/weighing rosters. Also in the end if you decided to be way under the cap, good for you, maybe some people would take a smart build like that into account when voting.
If in your example a team decides to be dumb with Lucic and Okposo and whoever and has to have three $700K skaters to round out their 23-man roster, I'd be harsher on them than a team that was smart and still had quality replacements in case of injury. The chances of snipes would also probably increase as teams fight over extras and those are always hilarious.