Okay, I'm pretty new to building, and haven't heard either of these transistors, but I think I may have found some relevant info on this. Comparing the datasheets for the two devices from the same manufacturer (ON Semiconductor), all the specs in the tables seem very close if not dead-on, but looking at the graphs is showing me something not in the numbers. In this image, the 2n7000, on the left, seems to be pulling a lot more current, drain to source. If we follow the 5.0 V gate to source curve (a lot of pedals seem to be biased at 4.5), the 7000 is leveling off at more than 750 mA, compared with around 500 on the BS170. As I said, I'm certainly no expert on datasheets and such, and I do find this graph a little puzzling for a device with an absolute max current rating of 500mA, but if the 7000 is truly drawing 50% more current, it would probably be more linear and sound less harsh in a power amp config than the BS. IDK if this matters, but the 7000 also has a built-in diode, I think for ESD protection.
Oddly enough, I'm only considering it for a Millennium Bypass circuit, so it won't be in my signal chain anyway.