FGT PLT USES WRONG ALTIMETER SETTING; 1000 FT LOW. LEVELS OFF WRONG ALT. ALTDEV ALT OVERSHOT.

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AFTER SEVERAL MINOR MAINT PROBLEMS; I WAS LATE TAXIING MY FGT TO JOIN MY FLT OF 3 FGTS TAXIING FOR TKOF AT R-6 AIR FORCE BASE. 'CODE 1' WAS THE LEADER. I LISTENED TO ATIS AND HEARD 29.87 AS THE ALT SETTING. I SET .87 IN THE ALTIMETER AND PRESSED ON. UNKNOWN TO ME (AND NOT NOTICED BY ME) WAS THAT SOMEONE HAD ZEROED OUT THE ALTIMETER (QFE; I BELIEVE) SO; WHEN I SET .87; I HAD 28.87 SET. THE NEEDLE POINTED TO NEAR THE 100 SCALE (ELEVATION 1100) SO AT A QUICK GLANCE IT LOOKED NORMAL WHEN IN FACT IT WAS READING ONLY 100 FT NOT 1100 FT. I TOOK OFF AS 'CODE 2;' JOINED UP WITH THE LEADER. HE QUICKLY ABORTED FOR AN ENG PROBLEM AND GAVE ME THE LEAD. WHEN I ASSUMED THE SQUAWK; DEP CTL ASKED WHAT MY ALT WAS. I SAID 5500 FT (REALLY 6500 FT MSL). WE HAD BEEN CLRED TO ONLY 6000 FT. CODE 3 TOLD ME TO CHK MY ALTIMETER AND THEN I NOTICED THE 28.87. FORTUNATELY; I WAS VFR AND NOT SHOOTING ANY IFR APCHS. SOLUTION: IF SOMEONE SETS QFE; RETURN ALTIMETER TO APPROX FIELD ELEVATION. YOU CAN BET I CHK MY SETTING MORE CLOSELY NOW; EVEN IF I'M IN A HURRY TO GET AIRBORNE.