There are two types of G71 cycle, Type I and Type II.

Type I is initiated by including only a

X(U) address in the P referenced block of the profile description. Type I does not support
profile shapes that contain concave forms in the profile, all X moves must be
monotonous in direction from Start to Finish of profile description. G71 Type II allows for
concave forms to exist in the profile description and is initiated by commanding an X(U)
and Z(W) address in the P referenced block of the profile description. Accordingly,
having the P reference block with only an X address included, and a profile description
that has Non-Monotonous X moves, as is the case with your program, will cause this
error.

Also, your use of the G70 finishing cycle call is incorrect. G70 requires a P and Q
reference address.
For example:
G70 P1 Q2

If you initiate a G71 Type I cycle, as you have by specifying an X only address in the P
referenced block, and Non-Monotonous X moves in the part profile, as you have in your
listed program, then a P/S 64 error will result. Try the following:

G80G41G54G18
T0101
G50S600 (If you use G97 you don't have to use G50 to limit the spindle speed)
G97S300
M08
G00 X3.125 Z.25
G71 U.1 R.1
G71 P1 Q2 U.02 W.01 F.006
N1 G00 X1.0 W0.0
G01 X.5 Z.0
G01 Z-1.4796
G01 X1.3352 Z-6.7511
N2 G01 X3.125
G70 P1 Q2
M9
G00X10.0Z3.0 T0100M5
M30

However, as Z Zero is probably the end of the workpiece, with everything in the Z+
direction of it being fresh air, the program profile from P referenced to Q referenced
block should be as follows:

N1 G00 X0.5
G01 Z-1.4796
G01 X1.3352 Z-6.7511
N2 G01 X3.125

In the above case, G71 Type I cycle will work without error, and the same shape work
profile will result without any non-monotonous X moves in the profile.