Does the landing distance required for a wet runway needs to be within a certain range of the landing distance available?
Short Answer = Yes.

Long Answer = landing within 70% of the LDA rule is a HARD limitation. The runway's length does not change with the weather, so the 70% cannot be changed. But, of course, your A/C landing distance does change with weather. Thus, your 115% landing distance required must still be within the 70% LDA. 

in practical application, not every landing you do will use 70% of the LDA, or even close to it (It's only a limitation, right?). In many cases, There's still lots of room for your 115% LDR to land safely within the 70% LDA.

Hope this helps!