My guitar teacher was telling me about this guy mike lull, who build guitars and setups and all that stuff for tons of big name bands, i think he mentioned rush somewhere in there, Anyways, do you guys think its worth it to get my guitars setup perfectly for 70 bucks each?

Heres the website: www.mikelull.com
Gibson Les Paul Custom
Fender American Tele

Orange Rockerverb 50
Orange PPC412
Seems expensive. full setups aren't that hard, any competent tech can do it. The place I get mine done at only charges $40.
"There he goes. One of God's own prototypes. Some kind of high powered mutant never even considered for mass production. Too weird to live, and too rare to die."-Duke
70 buck is a heaven price for me. In Sweden the cost of a full guitar setup is no less than 200 bucks.
For an electric guitar, unless it has some really weird additional features, set-up is a very low end and easy thing. Just pick up about any guitar maintenance book, it is at best fairly tedious activity. The bonus to doing it yourself is you can set it exactly where you want it, while a tech or luthier is only going to be guessing unless you give them very exact specifications.

Now if you have a particularly delicate repair on a particularly valuable or rare guitar, he probably is well worth going to see him and paying the extra money.

Basically, with higher end people like that, they get so much work, they just increase their prices until they get to the point where they get as much work as they actually want to do. I had a professor who used to work in consulting, he was telling me that anytime he got too much work, he just doubled his prices, and he often ended up doing that several times over because I get the impression that he was basically the expert to hire in his field. I would imagine the same holds true for this guy. You want to avoid blatantly turning people down or saying you have too much work at the moment, you just raise the price until you get the right amount of work.