FlasherZ is the expert here, but you will get a 5 volt (2.1%) drop using #8 for a 70 foot run, and it will get warm. Be sure that you use wire rated to 90 degrees C. If you are pulling wire I would pull #6 then drop is 3 volts.
The voltage drop starts to become a concern for longer runs, but 2% drop isn't something to worry about so much.
Honestly, I personally think the rule is rather outdated for modern type NM cable -- but it's the rule. The conductors in Romex are 90 degC rated -- if you were to cut open a #8 Romex cable and stick the wires in a conduit individually, 50A becomes legal. The rule is there to make you assume that heat can be trapped in the cable and create a safety situation.
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Our run is in the basement of the house ... coolest spot. Never goes about 70f ambient.
Insulated Copper wire, in 3/4" conduit. With 50amp breaker.
Do I care about the additional 2 volt drop?
And I should mention that 1/3rd (final 1/3rd) will be #6 as we already bought it.
Without seeing all of the details in person, I'd say #8 is sufficient, will work, and will pass inspection. I know you live in Chicagoland suburbs, so you're likely subject to the infamous "conduit-only, no-romex" make-work rules.
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