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You are right, I am able to get through the menu without issues and the camera boots up fine. The error 70 shows up when I take a picture or shoot a movie.
I have the autoexec.bin which I used,

autoexec - "https://www.dropbox.com/s/zkfdepw4xheqgz8/autoexec.bin?dl=0"

DM Log - "https://www.dropbox.com/s/g7masr9qx1kn84a/DM%20%282%29.LOG?dl=0"

Crash log - "https://www.dropbox.com/s/5ewz62w6f8at6br/LOG000.LOG?dl=0"

I got my Canon 550d bricked like many others who had reported similar issues. This is what I had tried so far,
Tried upgrading the firmware.
Ran the below command,
gphoto2 --set-config /main/imgsettings/imageformat=0
gphoto2 --set-config /main/imgsettings/imageformatsd=0

Tried changing few C.Fn settings.

Downloaded autoexec.bin which a1ex had uploaded for a similar issue.
Initiated debugging thru "do not click me!" in ML and found out the below line. Later changed the ISO to a different value.
ASSERT : Iso != 0

After changing ISO to different value the new debug log didn't show up "ASSERT". But ERR 70 continues to show up on screen when i take a picture or move dial to movie mode.

Appreciate if any one can point me to right direction .....