B737-500 FLC EXCEEDS MAX FLAP SPD CLB OUT OF IAH.

Narrative

THE TWR CLRED US TO TURN R TO 360 DEG HDG AFTER TKOF FROM RWY 15. AT 400 FT; FO ENGAGED HDG SELECT AND I ROLLED ACFT INTO A 30 DEG BANK TO R. THE FIRST THING I NOTICED WAS THE FLT DIRECTOR ROLL BAR WAS NOT COMMANDING THE PROPER TURN AND FO STATED HDG BUG WAS MORE THAN 180 DEGS AROUND SO THE OPPOSITE TURN WAS BEING COMMANDED. AT 1000 FT; I CALLED FOR FLAPS 1 DEG AND VNAV AND FO SELECTED F1 AND VNAV. THE AIRSPD BUG CHANGED TO 220 KTS AS THE FLAPS RETRACTED TO 1 DEG. AT THE SAME TIME DEP CTL CLRED US TO CLB WITH NO SPD LIMIT. SINCE WE WERE ALMOST TO 3100 FT AGL AND NEARLY ON OUR HDG; I ASKED THE FO TO DELETE OUR SPD. I NOTICED FO TRIED TO DELETE OUR CLB SPD AND FMC ANNUNCIATED INVALID DELETE. I ADVISED THE FO THAT HE COULD DELETE THE SPD RESTR BUT WOULD ALSO HAVE TO SELECT ECONOMY CLB BEFORE THE AIRSPD BUG WOULD COMMAND AN ACCELERATION. ABOUT THIS TIME WE BEGAN TO LEVEL OFF AT 5000 FT AND TO KEEP THE THROTTLES FROM REDUCING PWR; I SELECTED LEVEL CHANGE AND DIALED SPD TO 300 KTS. I BEGAN TO FEEL THE RUMBLE AT ABOUT 230 KTS BUT IT WASN'T UNTIL 240 KTS THAT I REALIZED THE FLAPS WERE STILL AT 1 DEG. I IMMEDIATELY CALLED FOR FLAPS UP AND REDUCED THROTTLES TO IDLE AS THE AIRSPD APCHED 250 KTS. BY THE TIME THE FLAPS WERE UP; THE FMC CLB WAS SET UP PROPERLY SO FO RESELECTED VNAV AND ACFT ACCELERATED TO 300 KTS. THE TKOF IS ALWAYS A BUSY TIME AND THEN I ADDED ADDITIONAL WORKLOAD TO MYSELF AND THE FO BY DOING A NONSTANDARD CLB (LEAVING FLAPS AT 1 DEG DURING A LOW SPD 180 DEG TURN TO KEEP THE TURN RADIUS SMALL). I THEN BECAME DISTR BY THE NO SPD RESTR CLRNC. EVEN THEN WE WOULD HAVE STAYED WITHIN LIMITS IF I HAD NOT CHANGED THE CLB MODE WITHOUT THE FO'S KNOWLEDGE SO HE WAS NOT ABLE TO MONITOR AND CHALLENGE MY ACTIONS.