Get a bike fit done by an independant fitter before buying anything. He might be better off on his current bike and nice wheels might be a better gift. He's 70 so comfort and fit will be the most important factor in bike selection. Maybe a different road bike but seriously get the fit first.

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2020 National Masters Champion - M40-44 - 400m IM
Canadian Record Holder 35-39M & 40-44M - 200 m Butterfly (LCM)

Thanks for the reply. Yes, we have already gotten him some great racing wheels and I do take the point on the priority of fit and comfort for an older triathlete. But the question is, if we do go for the TT option, what are the models out there that have maximal adjustability but still offer some kind of aerodynamic benefit? My Dad might just kick out of riding a proper TT bike. Thanks again for any ideas ...

obviously fit is most important but you may also consider something that is going to provide him more comfort. I've personally never used them but I have known people that are older or have back problems that rave about titanflex or softride bikes. I don't believe you can buy new softrides anymore but I believe you can still get titanflex and there is a new brand that is called dimond which would be similar to softride, but they are not released yet.

It seems to me a lot of the new superbikes have a lot of adjustability in terms of raising the front end, but ring in with a much higher price tag than something like a P2. I would assume that for lack of flexibility the most important thing is the stack height. I raced on a BH GC aero this year just for the reason that it has a really tall head tube. My flexibility isn't a problem, but I prefer a higher position for long course racing for comfort and the BH lets me do that without a ridiculously tall spacer stack, and I can flip the stem and take out what few spacers I do have to get a little lower for short course stuff. It also has a three position seatpost which allows a lot of adjustability. It has a pretty reasonable pricetag compared to the BH road bikes like the ultralight or G5, I picked up my frameset for under 1500 brand new. The P2 is a great option as well, but if he is long leg/short torso like me, combined with less flexibility the P2 will still be a little short in the front end.

I would grab his current bike when he is away or not looking and bring it to a fitter. They may be able to tell you by the geometry he is currently comfortable at which bikes might fit him best and go from there.