70 watts of CFL isn't optimal, but it is certainly enough to take one small plant through flowering.
As mentioned, try to keep the bulbs as close to the plant as you can without burning them. Within a few inches is usually OK with fluorescents.
If you can, make sure you have good reflectors on top of the bulbs to reduce wasted light. You can make your own from sheets of aluminum. I've seen it done with opened up soda/beer cans.
Having some side-lighting (ie not every bulb on top) may also help, especially if your plant only has one main top cola. Depending on the space, plant, and light profile, there might be some advantage to bending the top of the plant down so more light can hit the buds. Also depending on the plant and your setup, it might be worthwhile to remove lower branches that aren't getting much light.
In terms of numbers of white hairs, 4 weeks is still relatively early, though by now you could have early flower clusters (ie groups of white hairs) not just individual ones.
Edit: Sorry, to answer the actual question, if you have insufficient lighting, two things may happen.
a. Bud production will be stunted, and you'll have lower yield. Instead of getting lots of dense heavy buds, you'll end up with fewer lightweight wispy buds.
b. Plants may stretch towards the light, creating tall sparse plants. Tall plants may outstretch your growing area or grow into lights, not good. Also lots of stem with few budding areas also may compromise your potential yield.