A B737-200 FLC IS CONCENTRATING SO MUCH ON THE FLT INSTRUMENTATION OF THE ACFT THEY CLBED ABOVE ASSIGNED ALT IN ZID; IN; AIRSPACE. NO ALT CAPTURE ON AUTOPLT OR FLT DIRECTOR ON ACFT.

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ON CLBOUT FROM CVG ON THE REDDS SID AT APPROX XX20Z WITH A CLRNC TO FL270; WE BECAME DISTRACTED FROM MONITORING THE LEVELOFF AND CLBED THROUGH FL270 UP TO FL274 BEFORE WE IMMEDIATELY DSNDED BACK TO FL270. WE ADVISED ZOB OF OUR ALT EXCURSION AND INQUIRED ABOUT ANY CLOSE TFC. THEY ADVISED US THERE WAS NONE. THIS PARTICULAR ACFT IS ONE OF TWO B737'S IN ACR FLEET THAT DO NOT HAVE ALT CAPTURE CAPABILITY IN EITHER THE AUTOPLT OR FLT DIRECTOR. I HAD EVEN BRIEFED PRIOR TO DEP THAT WE SHOULD BE ESPECIALLY ATTENTIVE TO ALTS IN CLB AND DSCNTS. THE PF (MY COPLT) HAD CALLED 'FL260 FOR FL270;' AS REQUIRED BY PROC. WE THEN NOTED THAT WE WERE 3 TO 4 DEGS OFF COURSE OUT OF MQX AND 6-7 MI OFF THE PUBLISHED DME FROM NEW COMERSTOWN. A RECHK OF THE COMPASSES SHOWED THEM TO BE SPLIT ABOUT 4 DEGS. THIS WAS APPARENTLY JUST ENOUGH TO DISTRACT US FROM OUR ALT MONITORING. WE HAD BECOME PREOCCUPIED WITH AND MOMENTARILY QUESTIONED WHAT OUR NAV RADIOS WERE TELLING US ABOUT OUR POS ON THE SID. THE FACT THAT: A) WE BEGAN OUR DAY AT LL45 AM. B) THIS WAS 1 OF 2 ACR B737'S WITH EARLY GENERATION AUTOPLTS AND FLT DIRECTOR; AND SINGLE TUNING HEAD NAV RADIOS. C) THIS WAS THE 4TH LEG OF THE DAY AFTER A NEARLY 3 HR LAYOVER IN CINCINNATI; MAY HAVE CONTRIBUTED TO 'SETTING US UP;' BUT WERE NOT; I BELIEVE DECISIVE FACTORS IN CAUSING OUR MISTAKE.