I'm glad that you posted this topic, because I did my first deep dive a couple of weeks ago and had a similar thing happen. I was diving with an instructor and we're doing the AOW dives on a casual basis (still completely within standards, etc. but not as a concentrated weekend of diving or anything). We decided to try the deep dive because I was interested in seeing how it went.
We had a really frank discussion before going down and he said that if I felt uncomfortable, I should call it. I was diving a 7mm wetsuit + 2nd layer in a quarry where temperature was low to mid 40s at the bottom.
The descent was fine until we got past 75 or 80ft - then I started feeling like I couldn't get enough air (ScubaPro MK17 w/ G250V). I concentrated on my computer, watching the depth tick by, and on my instructor - my eyes would go from the computer screen to the instructor and back again at an insanely rapid pace. At about 95ft it was too much - I gave him the "not really ok" hand sign, still feeling like I was breathing shallow and that I couldn't get enough air. It almost felt like I was gasping. It was dark and cold and scary as hell.
I tried to slow it down and tried to count my breathing so that I could feel like I was more in control, but I couldn't feel comfortable so I thumbed up. We ascended slowly and he kept checking to see when I would be comfortable. When we got up to 70-75 ft, which felt incredibly warm and light, we hovered on a wall for a bit and did the colour checks etc. We spent the rest of the dive practising skills and buoyancy.
When we got out, I had a frank discussion with him about what happened and how I felt. He said it was good because then I would know not to treat recreational depths with complacency (nothing has scared me in diving yet, nor have I really felt nervous) but that I had handled it right by trying to control myself, thinking rationally and by making a controlled ascent and communicating with him as opposed to panicking and bolting upwards.
I still felt like a bit of a failure, but the plan is that we're going to keep building down to it, especially at that temperature and that level of darkness. As I plan to dive up here extensively in the summers, I think it's good I'm experiencing the cold, dark water with the AOW dives with an instructor I trust.