ALTDEV ALT OVERSHOT -- ACR CLBS ABOVE THE ASSIGNED ALT DUE TO A MISUNDERSTANDING AND A DISTR.

Narrative

THE CAPT MADE THE TKOF FROM CHICAGO MIDWAY (ELEVATION 619 FT); WITH A CLRNC TO 3000 FT. DUE TO OUR GROSS WT; THE ENG BLEEDS WERE SWITCHED OFF (A CONFIGN NOT NORMALLY USED). THIS PROC REQUIRES RECONFIGN OF THE ENG BLEEDS SHORTLY AFTER TKOF (AFTER CLBING ABOVE 1000 FT AGL). AT 2000 FT; I CALLED '1 TO GO;' THEN MY ATTN WAS DIVERTED BY A MASTER CAUTION AND BLEED TRIP OFF LIGHT (A MINOR ACFT MALFUNCTION). AS I BEGAN CORRECTING THE MALFUNCTION AND RECONFIGURING THE ENG BLEEDS; I SAW (AS WE PASSED 3000 FT) THAT THE CAPT WAS NOT LEVELING THE ACFT. I QUICKLY POINTED OUT THE 3000 FT CLRNC (IT WAS ALSO DIALED INTO THE ALT DISPLAY); AND THE CAPT IMMEDIATELY LEVELED THE ACFT. DURING THE LEVEL OFF; WE MOMENTARILY REACHED 3600 FT; THEN WENT RAPIDLY BACK DOWN TO 3000 FT. IN DISCUSSION AFTERWARD; THE CAPT INDICATED THAT HE BELIEVED THE ALT CLRNC WAS 5000 FT; NOT 3000 FT; AND MY '1 TO GO' CALL DIDN'T REGISTER WITH HIM. LESSON LEARNED: IN SOME RESPECTS; WE WERE VICTIMS OF AN UNFORTUNATE COMBINATION OF EVENTS (CAPT'S MISUNDERSTANDING OF THE ALT CLRNC COMBINED WITH MY DISTR WITH THE ACFT PROB AS WELL AS THE RECONFIGN OF THE ENG BLEEDS). HOWEVER; ULTIMATELY THE MISTAKE RESULTED FROM MY INCORRECT PRIORITIZATION OF TASKS. BOTH THE ACFT PROB AND THE RECONFIGN COULD PROBABLY HAVE BEEN DELAYED UNTIL AFTER LEVEL OFF (UNTIL A LESS DEMANDING PHASE OF FLT). IF SO; I COULD HAVE MORE CAREFULLY MONITORED OUR ALT AND REALIZED EARLIER THAT THE CAPT WAS NOT LEVELING AT THE ASSIGNED ALT.