Here is some more info about the waist circumference and its measurement, and how it relates to health risk:
Most of this info has been publicized by Dr. Mehmet Oz on the Oprah show, and I recall that he said that your waist should measure 1/2 of your height. So for you at 70" tall, a waist 35" or less is great for you. For me, at 67" tall, a target waist measurement is 33.5".
I think this makes more sense than the autocratic "rule" of less than 32" for all women, because if you have more height, this just may not be physically possible.
The other thing the article mentions is the waist/hip ratio.
Hope this helps!