Although both materials are P1, they are different sub groups. The 516-70 material is G2 and the SA-285-C is G1. The lower the group number, the lower the yield stress. It will depend on what the stress value of your weld rod/wire/consumable is. If you used 65 KSI rod to qualify your 285-C weld procedures and want to use the same procedure for 516-70, you would want to derate your seams to the lower stress value. It is not common practice to use a lower yield consumable than the base metal. Check your weld procedures, your consumable should be 70 KSI or greater to use it on 516-70 or else you are looking at the material stress derate. Or else do your calculations based on the lower stress values of 285-C and use the 516-70 as a higher substitute.
Or at least that's what I believe to be true.