Well it does sound logical that your pacemaker could be the cause of shortness of breath. If my heart had a max rate of 70, I know I would be short of breath. I had a similar thing in 2009 when overdosed with beta blockers. Every kind of exertion had me breathing really fast which will be a natural reaction when the heart doesn't beat fast enough to get oxygen around the body. I'm also surprised it didn't occur at 80bpm, but still, although it doesn't sound much, 10 bpm is a big difference in oxygen delivery.
Are you sure what your maximum heart rate setting was set? that seems very low.
I'd suggest contacting your pacemaker manufacturer if your doctor isn't available, and ask the question of their representatives. I've had issues with my high and low set rates, and the manufacturer is a very valueable resource.
Best wishes with the new pacer.