ILS approaches were in common use in 1970 when I got my instrument rating. The normal (Cat I) ceiling minimum was 200 feet. So, yes, a 707 would have been able to land with a 300 foot cloud ceiling in the 70s.
I checked Wikipedia and and found the history paragraph below:
Tests of the ILS system began in 1929 in the United States. A basic system, fully operative, was introduced in 1932 at at Berlin-Tempelhof Central Airport (Germany) named LFF or "Lorenz beam" due its inventor, the C. Lorenz AG company. The Civil Aeronautics Administration (CAA) authorized installation of the system in 1941 at six locations. The first landing of a scheduled U.S. passenger airliner using ILS was on January 26, 1938, when a Pennsylvania Central Airlines Boeing 247D flew from Washington, D.C., to Pittsburgh, Pennsylvania, and landed in a snowstorm using only the Instrument Landing System. The first fully automatic landing using ILS occurred in March 1964 at Bedford Airport in UK.
The CAA referred to in the quote was the forerunner of the U.S. FAA.