I haven't tried it as a substitute, but I have built mics based on one of: 5702, 5703, 5744, and 5840. You will need to adjust the heater voltage up to 6.3V for it to work properly. These tubes are hissy when underheated (the ac701 is a 4V filament). You may need to go through about 5 or 10 tubes to find one that will work properly. It will work, but the performance isn't going to be exact - but a working 5703 would be better than a non-working anything.