A CPR C550 FLC WAS DISTRACTED BY A C208 THAT TOOK OFF AT THE SAME TIME AS THEY DID; IN ERROR; FROM ANOTHER RWY AND THEY CLBED ABOVE THEIR ASSIGNED ALT WHILE LOOKING FOR THE C208.

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WE WERE CLRED FOR TKOF ON RWY 27 TO CLB AND MAINTAIN 5000 FT WITH A R TURN TO 030 DEGS. THE COPLT; BEING THE PF; PERFORMED THE TKOF. WE WERE DISTRACTED IMMEDIATELY AFTER TKOF BY THE CTLR ADVISING ANOTHER ACFT (THE CARAVAN); THAT HE (THE CARAVAN); WAS NOT CLRED FOR TKOF; THAT THE TKOF CLRNC HAD BEEN FOR ANOTHER ACFT DEPARTING RWY 27 (US). THE CTLR THEN GAVE THE CARAVAN A HDG OF 270 DEGS. AT THIS TIME; REALIZING THAT THE CARAVAN HAD ACTUALLY TAKEN OFF BY MISTAKING OUR CLRNC FOR HIMSELF; I WAS VISUALLY SEARCHING FOR HIM. WE WERE IN A CLBING R TURN OFF OF RWY 27 AND IF HE HAD DEPARTED RWY 36L; THERE COULD BE A CONFLICT/COLLISION. ONCE WINGS LEVEL; I LOOKED BACK AT THE FLT INSTS AND WE WERE AT 5500 FT AND STILL CLBING. I ADVISED THE COPLT WHO IMMEDIATELY RETURNED TO 5000 FT. THE CARAVAN WAS A CONTRIBUTING FACTOR. THE PROB WAS THE COPLT'S FAILURE TO CONCENTRATE ON FLYING THE AIRPLANE. INSTEAD HE LET HIMSELF BE DISTRACTED BY THE SIT. WE WERE NOT TCASII EQUIPPED; BUT TO MY KNOWLEDGE THERE WAS NO CONFLICT. WE NEVER SAW THE OTHER ACFT; AND SUBSEQUENT XMISSIONS WITH ATC DID NOT LEAD US TO BELIEVE THERE WAS EVER A CONFLICT. TO CORRECT THE PROB: 1) BASIC AIRMANSHIP OF FLCS. 2) REQUIRE TCASII ON ALL ACFT OPERATED IN CLASS A; B; OR C AIRSPACE.