Well, think about it this way- would you watch a show called "That 2010s Show" showcasing the lives of teenagers living in present day? The whole premise of the show was in some ways lampooning the trends and events of the 1970s initially- though as the series progressed it became more of just another sitcom about teenage friends hanging out down the street- the same old thing we did last week. Not a thing to do- but talk to you. We're all alright! We're all alright! Hello Wisconsin!
Okay- but anyway- we have shows about teenagers hanging out that is set in present day- "Austin & Ally" on the Disney Channel would qualify and so would "iCarly" and "Victorious", but they just ended.
These shows obviously incorporate modern day technology into the show to some degree and there are some definite 2000s/2010s styles we can see on the show- but I don't think there is any point made to highlight those styles and cultural leanings and trends of the current decade on these shows.
That '70s Show did do this to some degree and that was kind of the point in the late '90s (though like I said- it deviated some from this as well.)
So obviously in the 1970s there wouldn't be the nostalgia factor for the
'70s to work for the show. But I suppose it could be interesting if it was viewed as a caricature of most teenagers in that time period. But I don't think it would be quite the same.....
I think "What's Happening" would be a good comparison for a show about teenagers hanging out in the 1970s. "Welcome Back, Kotter" could also possibly fit this category as well.