Use whichever method you like best. You can do magic combat, but many players prefer high alchemy, since that is cheaper (most of the money is recovered). If you are a member, I suggest the Mage Training Arena, in which you earn money while you train magic.
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Since i have 99 magic and i got it all alching i can answer this :) Ok it took me from 70-99 about 2hrs a day about 2 months but this is 2hrs a day if you play for about 8 hrs a day you can get in about 3 weeks, goodluck :)
The fastest way of getting level 70 Defense would be Soul Wars 50/50, if it's still going.
if you have a combat of lvl 70+ It it suggested you kill green dragons they make about a mil an hour
here's the best way to get a high level runescape acount. make an acount train all skills to 70 then train bandits till you have 99 in every combat skill. now you have a high level runescape acount :)
i believe you max with 12 w/out pray or potions ya its 12 w/ out that stuff but, then its 13 with prayer, 15 with pot, and 16 with magic short