There are indeed a number of differences in the design between the two date sizes of 1970S cents. A few things to clarify reality:
1. The 7 of the date and that "pinch" you mention is a VERY reliable diagnostic point - on coins with no wear. Once wear comes onto the coins, that pinch becomes less and less identifiable.
2. Any difference between the two - the nine, the zero, the seven, or any other diagnostic you choose should be combined with others to ensure accuracy in determining which you have. One alone - ANY one alone - isn't enough.
3. Just looking at LIBERTY isn't good enough. I have seen unusually strong characters on small dates, and I have seen very soft large dates. The diagnostic of looking for a weak LIBERTY is about 80% reasonably accurate, while knowing the differences in the shape of the digits of the date are 100% accurate.