Stretching my budget for a new 70D body. Seems to be exactly what I'm looking for. Am I wasting my money only purchasing an EF lens to go with it? The EF-S is well out of my price range.
If you are building your kit of the first time and are on a budget constraint, then the only option that you can have is going for the EF-S lenses. There are still some really good lenses in the EFS system and you can most definitely make use of the additional 1.6x crop factor that comes with using an APS-C body like the 70D.
Also depending on the budget you can get third party lenses like(Tamron, Sigma, etc) for a better price that the first party Canon lenses.
It actually depends on what you really have available to spend on, and what kind of photography you would like to do.