@Chris Wheeler There is not "hard limit" to the amount of phones that can be used as part of an "Alert" Paging Group, but the limit is more a "soft limit".
The reason we recommend no more than 64 devices is because the PBX will initiate X amount of INVITE messages in the same split second. As the replies start arriving back, the PBX might need 3-4 seconds to process them all and establish an Audio communication with them.
While this is not a problem on a one-to-one call, the Initiator of the Paging Group will have to wait for those 3-4 seconds before hearing the tone signalling them to start talking which they will get after the last device has answered.
Factor into this a slight delay overhead due to all traffic going through the SBC, so I generally we don't recommend adding more that this number for this reason.
Also, regarding the SBC 35 Sim Calls at the exact same split second will momentarily send the Hardware Utilization through the roof, so make sure you don't get the absolute minimum specs for the SBC, especially if this will be a fairly frequently used PG.