B727-200 ACFT IN CLB WITH NEW FO FLYING ON IOE OVERSHOT ALT BY 500 FT. CAPT RPTR WAS DISTRACTED WITH ATC COM; BUT SO CALLED OUT ALT.

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DURING CLBOUT PHASE WE REQUESTED AND WERE CLRED TO LEVELOFF AT FL270 (ORIGINALLY FILED ALT WAS FL330). WE EXPERIENCED LIGHT TO MODERATE TURB DURING THE CLBOUT ABOVE 4500 FT. THIS TRIP WAS PART OF AN INITIAL IOE FOR THE FO AND THE ACFT WAS EQUIPPED WITH AN OLDER SP-50 AUTOPLT THAT HAS NO ALT CAPTURE CAPABILITY. THE FO WAS FLYING THE ACFT AND CORRECTING BACK TO COURSE. I WAS OBSERVING THE MANUALLY CTLED LEVELOFF WHEN WE RECEIVED A FREQ CHANGE FROM CTR. (I HAD MADE THE PROCEDURALLY REQUIRED 'OUT OF FL260 FOR FL270' CALLOUT AS WE TRANSITIONED THROUGH FL260.) WHILE I WAS RESPONDING TO THE RADIO CALL; THE ACFT CONTINUED TO CLB UP TO FL274 UNTIL THE FE VERBALLY CALLED OUT THE ALT EXCURSION PROB. WE PROBABLY CLBED TO FL275 BEFORE RAPIDLY RETURNING TO OUR CLRED TO FL270. ATC DID NOT ACKNOWLEDGE THE PROB AND WE CONTINUED ON TO ATLANTA WITHOUT FURTHER INCIDENT. I FEEL THAT MAJOR CONTRIBUTING FACTORS TO THIS PROB ARE THE MIXED AUTOPLT CONFIGNS UTILIZED AT ACR A AND THE FACT THAT NONE OF THE ACR A B727 SIMULATORS ARE EQUIPPED WITH THE OLDER NON ALT CAPTURE AUTOPLTS. (APPROX HALF OF ACR A B727 FLEET HAVE THE OLDER AUTOPLTS.) SUPPLEMENTAL INFO FROM ACN 390578: WX WAS BAD WITH LIGHT TO MODERATE TURB FOR THE WHOLE CLB. WE WERE ALSO BEING BLOWN N OF COURSE. I BEGAN A COURSE CORRECTION AND FORGOT ABOUT THE LEVELOFF UNTIL SO SAID ALT AS WE PASSED FL274. I IMMEDIATELY STOPPED THE CLB AND BEGAN A DSCNT. THE CAPT TOOK CTL OF THE AIRPLANE AND AGGRESSIVELY DSNDED US BACK TO FL270.