NMAC BTWN ACR MLG AND SMA IN THE SRQ ATA.

Narrative

JUST PRIOR TO DEP FROM SRQ; LCL CTL CLRED A SINGLE ENG SMA Y TO CIRCLE THE ARPT AT 1500 MSL. ABOUT 2 MINS LATER; WE WERE CLRED FOR TKOF ON RWY 32. NO ADVISORY OF THE TFC CIRCLING N OF THE ARPT WAS ISSUED TO US BY ATC. DURING CLB AT ABOUT 500 MSL TCASII ISSUED A TA AND DISPLAYED AN ACFT AT OUR 2 O'CLOCK; LEVEL; 700 FT ABOVE OUR ALT; DISTANCE LESS THAN 2 MI. THE FO (WHO WAS FLYING) IMMEDIATELY HAD THE ACFT IN SIGHT SINCE A L TURN HAD ALREADY BEEN STARTED ABOUT 4 DME FROM THE SRQ VOR IN COMPLIANCE WITH OUR INITIAL ATC DEP INSTRUCTIONS. IN ORDER TO AVOID THE IMPENDING NMAC; BANK ANGLE WAS INCREASED AND CLB WAS REDUCED (ULTIMATELY TO THE POINT OF A SLIGHT DSCNT). AS THESE ACTIONS WERE BEING INITIATED; TCASII ISSUED AN RA OF 'MONITOR VERT SPD' AND COMMANDED A 3000-3500 FPM CLB! COMPLIANCE WITH THAT COMMAND WOULD HAVE RESULTED IN EVEN LESS SEPARATION THAN WE WERE HEADED FOR; SO RA WAS IGNORED. THE SMA Y WAS IN A STEEP R TURN WHEN WE SIGHTED IT; BUT EVEN SO IT'S PATH WAS NOT CORRECTING FAST ENOUGH. I BELIEVE OUR FAILURE TO TAKE EVASIVE ACTION WOULD HAVE MOST LIKELY HAD DIRE CONSEQUENCE. AFTER THE COLLISION WAS AVOIDED THE LCL CTLR ADVISED THE SMA Y THAT IT'S TURNS WERE SUPPOSED TO HAVE BEEN MADE IN THE OTHER DIRECTION AND WELL E OF THE RWY 32 CTRLINE. THE LCL CTLR THANKED US FOR A GOOD RATE OF TURN AND HANDED US OFF TO TPA DEP. TCASII WAS A 2-EDGED SWORD. IT WARNED US OF THE TFC (WHICH I THINK ULTIMATELY DID SAVE SOME LIVES BECAUSE IT GOT OUR ATTN OUTSIDE) BUT THE RA MAY WELL HAVE CAUSED A COLLISION HAD WE COMPLIED WITH IT. REGARDLESS OF THE SEEMINGLY FAULTY RA; WE ALL AGREED THAT HAVING THE TCASII DID SAVE THE DAY.