If you're just going to be freewheeling on the descents then it doesn't matter what sized gear freewheel you put on it.
70" fixed for the majority of it, with the intention of climbing and descending using that same gear.
The 50" freewheel would only be deployed if you were tired enough that you couldn't climb or descend using the 70" gear. I've climbed Ventoux with a 40" lowest gear (39x26) so a 50" gear wouldn't be too hard for someone used to pushing a 70" gear up big lumps.
Good point... although for the 70" freewheel i was thinking of your common or garden pedally descents.
However, another mechanical point is that if you could engineer a hub to be able to switch gear AND switch from freewheel to fixed, on the fly, might it not be the case that you would have all 4 combinations, i.e. 50" fixed, 50" free, 70" fixed, 70" free?
I don't know how the switching between 50"/70" would work on fixed, it might be dangerous, and I'm not sure the necessary gubbins (thinking along the lines of a rohloff) would fit into the hub as well as the clutch assembly, but if you could do it, then you might have all the options.
Intending on starting out climbing in 50" fixed isn't in the spirit of things.
that's just the typical bloody minded psychology of a fixed rider
the whole point of this "invention" is to cheat...