Welcome to PF. You will love the K-70 and be amazed at how capable it is.
You've had lots of good advice already, so I'll just add some comments from my own experience. (Nature photography is my main area of interest too.)
My hiking kit varies. For one lens, it's either the DA 18-135 or 55-300 PLM, depending on what I expect to come across. My two-lens kit was generally 55-300 with either the DA 12-24 or DA 18-135. Nowadays I mostly take the DA 15 Limited, DA 20-40 Limited and DA 55-300 - high quality, compact and light weight. Sometimes it's just the 20-40 and 55-300 (both WR), but the 15 is so pocketable and such a joy to use that it's hard to leave behind even if I don't use it so often. But the trade-off here is more lens-changes. For simplicity, I would suggest the 55-300 PLM with either the 16-85 (if within budget) or the 18-135.
Like others here, I would often add a macro to the kit (FA 50 f2.8 or DFA 100 f2.8 WR) or take it in place of one of the others. They are crazy sharp, great not only for true macro but also flowers, leaves, fungi, butterflies if reasonably close, any detail of interest and f2.8 is handy for subject separation. I also find a macro lens to be a great base for stitching images together, like this.
(Stitched with Microsoft Image Composite Editor, which is free and easy to use -
Microsoft Image Composite Editor) A tripod is best for this, but if you are careful you can do it with handheld images.
Originally posted by Lucky Dog I'm really looking for a decent lens that can me the only lens I carry for most of my hikes. Generally speaking it will be for small birds / animals in the 30' - 300' range with some landscape tossed in.
If it's a big animal, the 55-300 PLM would be OK for 30-60 feet.
But for small to medium birds and animals, I'd echo the point Norm and others have made: beyond 30 feet, with a 300mm lens the subject is often going to be too small in the frame to give more than a record of what you saw.
Originally posted by Lucky Dog And I also have a Sigma 170-500 1:5-6.3 APO DG
I used to have one of these (non-DG version). Mine was fun but not very sharp at the long end. (And a beast to carry, even though it is lighter than other 500mm lenses.) However others seem to have got better results with it. See the reviews here:
Sigma 170-500mm F5-6.3 APO Lens Reviews - Sigma Lenses - Pentax Lens Review Database Sigma 170-500mm F5-6.3 APO DG Lens Reviews - Sigma Lenses - Pentax Lens Review Database
For wildlife at a distance, you do really need upwards of 400mm and your existing lens is as good a place to start as any. It will be a different experience on the K-70 than on the *ist - e.g. far better autofocus, better burst speed, far better low light/high ISO performance, to mention just a few things. There are very few 500mm autofocus options in Pentax and anything else is going to be heavier and more expensive, so give this a serious try.