Your new pet will get XP from any mob you kill thats green or higher to you.
But you will be basically playing with out a pet for a while, since he'll be too low to do any good dmg, and you will be tanking the mobs in short range.
I did something like that and found that Nagrand was the best place, for me at least, to do this.
Mobs are green, can pick one at a time, and if you're a Skinner :) all those Clefthoofs to skin.
It will take time, loads of it, until the pet can be more useful.
At 70 all species pets are the same (except on what skills you give him), cats will be cats, wolfs will be wolfs.
If its worth it? Thats up to you. Do you like your pet?, Do you want a new pet, to have 1 dps, 1 tank? Do you want a cooler looking pet :) ?
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One relativly easy way I have found to level up pets at 70 is to run regular istances. If you have a decent enough group where you can bring in your low level pet without having to worry it will gain some decent exp.
Its true, but if the pet you're leveling is too low :
1- might not get the best exp (same as if you were leveling, mobs with in a certain range of your lvl will give you better XP then mobs way above your lvl, might even give you less)
2- will have to watch that agro range
3- if pet gets hit, AoE or other wise, usually 1 hit kill. So be ready to rez him and FEED a lot
Hope that helps