AN ACR MLG HAD AN ALT EXCURSION; BOTH HIGH AND LOW.

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AT 11000 FT ON THE BOIDS ARR INTO DFW; I SUDDENLY REALIZED THAT THE FO WAS GOING TO NEED SPD BRAKES TO SLOW TO AN AIRSPD RESTRICTION. I TOLD HIM TO SLOW IT UP; THAT HE NEEDED SPD BRAKES; AND THAT I WOULD DEPLOY THEM FOR HIM. I DID SO AS HE REACHED FOR THE AUTOPLT CTL PANEL. I THOUGHT HE WAS GOING TO REDUCE SPD WITH THE AUTOTHROTTLE POS CTL KNOB. INSTEAD; HE STARTED ROLLING THE PITCH CTL KNOB UPWARD. THE ACFT STARTED CLBING (I DIDN'T KNOW WHY AT THIS STAGE); AND I TOLD HIM TO TAKE IT BACK TO 11000 FT. HE TOOK IT UP TO ABOUT 11300 FT AND DOWN TO ABOUT 10700 BEFORE GETTING BACK ON ALT. I BELIEVE WE DEVIATED FROM THE STAR ALT PRIMARILY BECAUSE THE FO WAS NEW IN THE AIRPLANE; HAD NOT FLOW FOR A WHILE BECAUSE HIS LAST JOB WAS AS A FLT ENGINEER; AND BECAUSE HE HAD NEVER PREVIOUSLY FLOWN TRANSPORT TYPE ACFT WITH AN AUTOPLT. IT ALSO HAPPENED BECAUSE I NEVER DREAMED ANYBODY ON AN ASSIGNED ALT; IN ALT HOLD ON THE AUTOPLT; WOULD ATTEMPT TO SLOW THE ACFT BY ROLLING THE PITCH CTL KNOB. THEREFORE; I DIDN'T WATCH THE OTHER PLT CLOSELY ENOUGH AS HE REACHED TO THE AUTOPLT CTL PANEL. I BELIEVE THAT THE REASONS THE ACFT DEVIATED AS FAR AS IT DID; BOTH ABOVE AND BELOW THE ASSIGNED ALT WERE THE FO'S UNFAMILIARITY WITH THE ACFT'S FLYING CHARACTERISTICS (HE IS STILL GETTING THE FEEL OF IT); MY IGNORANCE OF THIS AT THE TIME (OR I WOULD HAVE TAKEN CTL OF THE ACFT); AND THE FACT THAT; FROM THE ONSET OF THE DEV; WE HAD THE ADDED TASKS OF DEPLOYING THE SLATS AND MAKING A 60 DEG TURN ON THE STAR. SUPPLEMENTAL INFO FROM ACN 213602: LEVEL AT 11000; FMA ENGAGED; SLOWING FROM 280 KTS TO 250 KTS. I SELECTED A PITCH MODE VICE A SPD MODE AND STARTED TO CLB. BEING NEW ON THE ACFT (3 MONTHS) THE CAPT DECIDED TO HELP ME BY DEPLOYING THE SPD BRAKES. WITH THE WRONG MODE ENGAGED; THE ACFT STARTED A CLB AND I DISENGAGED THE AUTOPLT WHEN AN AURAL WARNING WAS HEARD. ALREADY HAVING SELECTED A QFE FOR THE CAPT'S AND FO'S ALTIMETERS I ATTEMPTED TO RETURN TO 11000 ON MY ALT AND RETURNED TO AN INCORRECT ALT. SEEING MY MISTAKE; I CORRECTED OFF THE THIRD ALTIMETER AND ALL WAS NORMAL. CLBED 300 FT AND DSNDED 400 FT LOW DURING THE COURSE OF EVENTS. N O CALLS FROM ATC NOR TCASII WARNINGS WERE HEARD OR OBSERVED. THE QFE PROC IS ONLY DONE BY MY COMPANY AND; AS OF THIS TIME; I AM STILL HAVING PROBLEMS WITH THE VISUAL DIFFERENCES BTWN THE THIRD ALTIMETER AND MY OWN. HOW TO CORRECT THE SITUATION: KEEP ALL 3 ALTIMETERS SET TO THE NORMAL PRESSURE ALT. VISUAL CUES ARE VERY IMPORTANT.