Yeah, the design of Nikonos bulkheads is pretty crummy, but in ten years diving I haven't had a failure. Since there are so many out there, the observed failures COULD be simple statistics (confusing absolute failure rates and relative failure rates).
I'm suspicious enough that I've replaced mine with optical connectors, but I'm now wrestling with the temptation of using TTL strobe control, that I haven't used since I retired my Nik V...
... and I'm still carrying my 5-pin cords (as backup!?!).
Inon Z-240 strobes mimic TTL through their optical cable, by tracking the cameras internal flash. The only problem I've had is a little light leakage into a big dome, solved by a plastic disc that pushes onto the lens and occludes the gap between the dome and the housing.
Although the Ikelite connection is good, just remember where the bulkhead was sited on the D70 housing, just where it pokes your nose!
Tim
B)