Atenolol will definitely slow down the heart rate. The question you might raise to your doctor is whether the fast heart beat comes from a potentially dangerous condition or not. You have what doctors call 'Brady-Tachy Syndrome' and a common reason to have a pacemaker inserted.
I'd suggest you ask your doctor if you should wear a 24 hour heart monitor, that will usually help understand the type of problem you have. Also, An Echocardiogram would probably be prescribed before a pacemaker is inserted.
Atenolol is primarily prescribed for high blood pressure, but it can also be prescribed for angina, which is usually caused by arrhythmia (which is a change in the normal electrical impulses of the heart).
Atenolol will, of course, lower your blood pressure.
If it was "hinted" at that you may need a pacemaker, then they are worried about you irradict heart rate. A pacemaker will help keep your heart rates at an optimal level, while both working out and when at rest.