Intuition
The expression $\|\mathcal{A} - \mathcal{I}\|_\diamond$ quantifies how close the channel $\mathcal{A}$ is to the identity channel $\mathcal{I}$ which is the channel that preserves quantum information perfectly. In order for a channel to transfer quantum information well, it must preserve both diagonal and off-diagonal elements of the input density matrix. On the other hand, in order for a channel to transfer classical information well, it is sufficient for it to preserve the diagonal elements of the density matrix.
Consequently, we would expect that a channel's ability to transfer classical information is a poor guide to its ability to transfer quantum information and therefore a poor guide to how close it is to the identity channel in diamond norm distance.
We can quantify the above reasoning by analyzing the case of strong dephasing noise. This will rule out the possibility of a bound
$$
\|\mathcal{D}\circ\mathcal{N}\circ\mathcal{E} - \mathcal{I}\|_\diamond \le B(\varepsilon)
$$
with $\lim_{\varepsilon\to 0} B(\varepsilon)=0$.
Representing classical information
For the expression $\|\mathcal{D}\circ\mathcal{N}\circ\mathcal{E} - \mathcal{I}\|_\diamond$ to make sense the domain of $\mathcal{E}$ and the codomain of $\mathcal{D}$ need to be the space of linear maps on some Hilbert space $\mathcal{H}$. This raises the question about the way in which the classical messages in $\mathcal{M}$ are represented in $\mathcal{H}$. Since the elements of $\mathcal{M}$ are reliably distinguishable, the appropriate choice is to use an orthonormal basis. Therefore, we assume that a message $m\in\mathcal{M}$ is represented using a computational basis vector $|m\rangle\in\mathcal{H}$. This includes the asumption that $\dim\mathcal{H} \ge |\mathcal{M}|$.
Dephasing noise
Consider the completely dephasing channel defined by
$$
\left(\mathcal{N}_{DF}(\rho)\right)_{ij} = \delta_{ij}\rho_{ij}
$$
where $\delta_{ij}=1$ if $i=j$ and $\delta_{ij}=0$ otherwise. Thus, $\mathcal{N}_{DF}$ preserves the diagonal elements and forgets the off-diagonal elements of the input density matrix.
Resilience of classical information
Choosing the encoding and decoding operations to be the identity map on $L(\mathcal{H})$, we have for every $m\in\mathcal{M}$
$$
(\mathcal{D}\circ\mathcal{N}_{DF}\circ\mathcal{E})(|m\rangle\langle m|) = |m\rangle\langle m|.
$$
Thus, despite the strong dephasing noise in $\mathcal{N}_{DF}$, the classical messages pass through it undisturbed and so
$$\max_m Pr[m\neq\hat{m}] \le \varepsilon = 0.$$
Lower bound on diamond norm
However, the diamond distance is bounded from below by
$$
\begin{align}
\|\mathcal{D}\circ\mathcal{N}_{DF}\circ\mathcal{E} - \mathcal{I}_{L(\mathcal{H})}\|_\diamond &=\|\mathcal{N}_{DF} - \mathcal{I}_{L(\mathcal{H})}\|_\diamond \\
&= \sup_{k,\rho}\|(\mathcal{N}_{DF}\otimes \mathcal{I}_k)(\rho) - (\mathcal{I}_{L(\mathcal{H})}\otimes \mathcal{I}_k)(\rho)\|_1 \\
&\ge \|\mathcal{N}_{DF}(|{+_d}\rangle\langle+_d|) - |{+_d}\rangle\langle+_d|\|_1 \\
&= \left\|\frac{I}{d} - |{+_d}\rangle\langle+_d|\right\|_1 \\
&\ge \left\|\frac{I}{d} - |{+_d}\rangle\langle+_d|\right\|_2 \\
&=\sqrt{\frac{d-1}{d}}
\end{align}
$$
where $|{+_d}\rangle=\frac{1}{\sqrt{d}}\sum_{i=1}^d|i\rangle$, $d=\dim\mathcal{H}$ and $\|\,.\|_2$ denotes the Frobenius norm. Thus, the diamond norm distance $\|\mathcal{D}\circ\mathcal{N}\circ\mathcal{E} - \mathcal{I}\|_\diamond$ is bounded from below by an expression independent of the associated bound $\varepsilon$ on the error probability in the transmission of classical information. In particular, the diamond norm distance $\|\mathcal{D}\circ\mathcal{N}\circ\mathcal{E} - \mathcal{I}\|_\diamond$ may be fairly large even when $\varepsilon=0$.