BE58 WITH WRONG ALTIMETER SETTING ADDS TO HAZARDOUS NATURE OF NMAC AT RIC.

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CTLR: 'BARON; YOU HAVE TFC 1 O'CLOCK; 2 MI; APPROX 5000 FT.' JETSTREAM: 'AT 7000 FT; I AM LOOKING AND SEE THE LNDG LIGHTS AND RPT TFC IN SIGHT.' 'NOT SO' THE JETSTREAM PLT; 'I AM AT 6000 FT' AND CTLR INSTRUCTS 'MAINTAIN VISUAL TO THE JETSTREAM AND CLB AND MAINTAIN 7000 FT.' I HEAR THE CTLR TALKING TO THE JETSTREAM PLT SAYING SOMETHING LIKE; 'THE BARON HAS YOU IN SIGHT AND MAINTAINS VISUAL. HE WILL CLB THROUGH YOUR ALT; DSND AND MAINTAIN 3000 FT.' I SAW HIM STILL FAR AWAY AND THOUGHT THAT I BETTER HURRY UP TO 7000 FT. MY CLB WAS VERY QUICK AND AS I LEVELED OFF; THE JETSTREAM CAME VERY QUICK CLOSER. BECAUSE OF THE QUICK CLB; MY PERFORMANCE WAS REDUCED SO THAT I HAD ONLY THE OPTION FOR A DIVE. WHEN I GOT THE AIRPLANE'S NOSE DOWN; THE JETSTREAM PASSED JUST AHEAD AND ABOVE. THE DISTANCE AT NIGHT IS HARD TO JUDGE; BUT WE MISSED MAYBE BY 100 FT HORIZ AND VERT. AFTER PASSING AND LEVELOFF; AGAIN I CHKED MY TKOF NOTES TO FIND OUT WHAT WENT WRONG. I DISCOVERED THAT THE ALTIMETER ON THE ATIS IN RIC WAS 29.74 AND I MISREAD IT AND HAD 29.94. WHEN I LEVELED OFF AT 7000 FT; I LEVELED ACTUALLY AT 6800 FT AND CAUGHT THE JETSTREAM IN ITS DSCNT.