DURING DEP AN ACR MLG ACFT FO'S FLT INSTS FAILED CAUSING A DEV FROM ASSIGNED HDG AND SUBSEQUENT CLB ALT OVERSHOOT.

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TKOF FROM MCO TO BWI WITH FO FLYING. FO CALLED FOR GEAR UP AND WHILE I WAS RAISING HANDLE; R GENERATOR FAILED WITH 'AC X-TIE LOCKOUT' OCCURRED. FO INSTS WENT BLANK (EFIS) OR FAILED (RED FLAGS). CAPT INSTS WERE GOOD AND I TOOK CTL OF ACFT. AS FO INITIATED CORRECTIVE ACTIONS; I ASSESSED MY INSTS AND CONTINUED CLB TO 5000 AND TURN TO 160 DEGS (DEPARTED RWY 17 MCO). I FAILED TO STOP TURN AS I MONITORED CORRECTIVE ACTIONS AND WE MADE SWITCH FROM TWR TO DEP CTL. ROLLOUT HDG WAS 120 DEGS AS CLB CONTINUED TO 5000 FT. DEP CTLR ASKED FOR OUR HDG AND WE ADVISED OF MY MISTAKE AND INFORMED HIM OF OUR ELECTRICAL MALFUNCTION. THE CTLR ASKED US TO ADVISE IF WE WERE OKAY TO CONTINUE AFTER ABNORMAL CHKLIST WAS FINISHED. WE HAD THINGS SORTED OUT AND ADVISED READY TO CONTINUE. A TURN NE AND CLB TO 8000 WAS GIVEN. DURING THIS TIME I HAD THE FO REVIEW OUR ELECTRICAL ABNORMAL CHKLIST AND COMPLETE ANY REQUIRED ITEMS AS WELL AS AFTER TKOF CHKS. I RE- ENGAGED THE AUTOPLT AND OBSERVED ALT ARM AND OTHER STATUS INDICATIONS AS NORMAL. I TOLD THE FO TO COMPLETE CHKLISTS WHILE I TOOK FLYING AND RADIO DUTIES. APCHING 8000 DEP ISSUED A TURN NW. DURING THIS TURN AND ACKNOWLEDGEMENT OF CLRNC I OBSERVED ALT CAPTURE STATUS. HOWEVER; THE ACFT DID NOT RESPOND AND WAS OBVIOUS LEVEL OFF WOULD NOT OCCUR. I TOOK OVER MANUALLY AND POSITIVELY BUT NOT ABRUPTLY PUSHED OVER TO LEVEL THE ACFT. ALT REACHED 8350 BEFORE REVERSING TOWARDS ASSIGNED 8000 FT. THE CTLR SAID NOTHING AT THE SAME TIME RECLRED US TO 12000 FT. AUTOPLT OP FOR REMAINDER OF FLT WAS NORMAL IN ALL PHASES. SITUATION REEMPHASIZES DIVISION OF DUTIES DURING 2 MAN COCKPIT OP DURING ABNORMAL SITUATIONS. HDG AND ALT DEVS COULD HAVE BEEN AVOIDED THROUGH BETTER VIGILANCE.