With wotlk rapidly approaching, I don't see much point in gearing up 70s.

However, if you really want the gear now, this is what I suggest. Honor is easy to get. Badges are the hard part. At 69, you can easily win any wsg/eots/ab game. Get all the badges you will need while they come easy. The only down side is longer queue times. Trust me, waiting on the queue times is better than wasting time at 70, losing matches, and getting flamed for your bad gear. If you haven't leveled professions, then during these queues is the ideal time. Go level fishing, cooking, whatever. Just don't hit 70. Also, don't waste honor or badges on easily replaceable gear. After hitting 70, it won't take you long to be able to get S4 gloves/legs.

After you have your marks, hit 70, and farm AV for the rest of your honor. On Mag there are almost always premade AVs going, and this is by far the best honor/hour. Also, hire an epic healer to help you in arena. When I first started arena, I paid a full S3 priest 25g per win (drastically better than going 0-10 every week, trying by myself in bad gear). Also, once you get a bit of gear, do what heroics you can (start with slave pens and ramparts). You'll need the badges to buy your cloak and gems.

Have fun

Azq