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The basic MSN E-mail account only provides a browser interface. It is possible to use the N70 browser to access the pages but if you want to use the N70 E-mail client, you have to upgrade the MSN account.
If I have understood correctly, Premium should be enough. In order to set up the phone, you have to get the parameters (server names etc) from MSN E-mail support.
if you have all your sever details (you will get them from support) there is a little tool available on the nokia web site that may be able to help you. if you go to http://europe.nokia.com/nokia/0,8764,72016,00.html you will find some email config tools. pick the one for your phone and you can configure a lot easier than using the phone itself.