I'm a 1970 baby too, and I see absolutely no reason why you shouldn't do either of those things. I totally, utterly, without reservation agree with Angie on this. Things of themselves aren't age inappropriate, it is how they are paired and the subtleties of the cut that make or break them. My dearest friend is almost 50, just shy of 6 ft tall and model thin with long, light blond hair. She wears leather pants all the time (she must have 10 pairs of them, seriously). She looks gorgeous in them and completely appropriate because she wears them with sophisticated tops and shoes and nothing about her says that she's trying to pretend to be younger than she is.
Mutton dressed as lamb, to me, is all about looks that pair clothes with only teeny-bopper sophistication with childish attitudes about sexuality and sexual availability. Sexuality that is just overt, not intriguing. That's a hard concept to get down in writing and I don't think that what I've written conveys it very well. If your look suggests that the only thing interesting or valuable about you is your sexuality, that's a problem, no matter how old you are and that's what is at the bottom of mutton dressed as lamb to me.
You have such a sophisticated style, IK, that you will always come across as stylish, sexy, interesting and grown up. You'll never be mutton dressed as lamb. You can't un-do sophistication by just throwing on something trendy.