AN 'IN TRANSIT' GEAR INDICATION AFTER RETRACTION AND AN UNACCEPTABLE SPD LIMITATION DISTRACTED AN ACR FLC FROM FLYING THE ACFT. THE MD83 DRIFTED 300 FT ABOVE ASSIGNED ALT.

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INITIAL CLRNC WAS TO 5000 FT MSL. AFTER TKOF THE NOSE GEAR FAILED TO RETRACT. AT THE SAME TIME DEP CLRED US TO 6000 FT MSL AND TO MAINTAIN 230 KIAS. 230 KIAS WAS ABOUT 20 KTS BELOW OUR MINIMUM MANEUVERING SPD FOR FLAPS UP; WHICH I WAS CONCERNED ABOUT. STL DEP ALSO GAVE US A HDG CHANGE TO 270 DEGS TO INTERCEPT THE DEP COURSE. AFTER LEVELING AT 6000 FT MSL; AND WORKING WITH THE NOSE GEAR PROB; AND HDG AND AIRSPD CHANGES; THE ACFT CLBED TO 6300 FT MSL. THE ALT ALERT IN THE ACFT ACTIVATED; AND STL DEP ALSO BROUGHT THIS DEV TO OUR ATTN. THE ACFT WAS RETURNED TO 6000 FT MSL. NO CONFLICT WAS OBSERVED. I FELT THAT THIS DEV OCCURRED BECAUSE MY MIND WAS OCCUPIED WITH TOO MANY THINGS TO DO. SUPPLEMENTAL INFO FROM ACN 315990: AFTER TKOF AND GEAR RETRACTION THE NOSE GEAR LIGHT STILL SHOWED IN TRANSIT. WE CYCLED THE LNDG GEAR AND THE NOSE WARNING LIGHT WENT OUT NORMALLY. DEP THEN TOLD US TO MAINTAIN 230 KTS WHICH WAS UNUSUAL; AND LESS THAN MINIMUM MANEUVERING SPD FOR OUR WT AND CONFIGN. UPON LEVELING AT 6000 FT OUR ATTN WAS DIVERTED BY THE LOW ASSIGNED SPD; AND THE PRECEDING GEAR LIGHT PROB. OUR ALT DRIFTED TO ABOUT 6300 FT. WE OBSERVED INBOUND TFC AT OUR 2 O'CLOCK POS DSNDING TO 7000 FT. WE IMMEDIATELY RETURNED TO 6000 FT. THE CAPT WAS HAND-FLYING THE ACFT. HAD HE BEEN USING THE AUTOPLT SOONER; THE DEV PROBABLY SHOULD NOT HAVE HAPPENED. WE COULD HAVE ALSO LOWERED THE SLATS TO BETTER ACCOMMODATE THE SLOW SPD REQUESTED BY ATC. DISTRS BY ABNORMAL EVENTS MADE US FORGET RULE #1 - 'FLY THE AIRPLANE;' DEAL WITH THE PROBS LATER.