A PA46 MALIBU PLT CLBS 300 FT ABOVE HIS ASSIGNED ALT WHEN HE IS DISTR BY A FUEL PUMP WARNING LIGHT COMING S OF PDX; OR.

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I WAS SUPPLYING PLT SVC ON A PIPER MALIBU PA46-350P FROM PDX TO RNO TO RDD AND RETURN TO PDX. WHILE CLBING TO 15000 FT (THE ASSIGNED ALT); I HAD ARMED THE ALT PRESELECT FOR THAT ALT AND EXPERIENCED AN INFLT EMER. THE R FUEL BOOST PUMP WARNING LIGHT ILLUMINATED AND; WHILE I WAS DEALING WITH THE CHKLIST ITEMS TRYING TO RESOLVE THE EMER; ZSE CALLED TO CONFIRM MY ALT ASSIGNMENT; AND WHEN I CHKED THE ALTIMETER; I WAS APPROX 300 FT ABOVE THE ASSIGNED 15000 FT AND IMMEDIATELY APPLIED CORRECTIVE ACTION TO RETURN TO THE ASSIGNED ALT AND APOLOGIZED TO CTR; TELLING THEM THAT I HAD GOT OFF JUST A NICKEL AND WAS RETURNING TO 15000 FT ASSIGNED. SHORTLY AFTER LEVELING OFF AT 15000 FT; I RESOLVED THE BOOST PUMP FAILURE; BUT TRIED THE ALT PRESELECT SEVERAL MORE TIMES AND IT HAD FAILED ON ME AND NEVER WORKED AGAIN. I FLEW THE REMAINDER OF THE FLT WITHOUT FURTHER DEVS. THIS WAS A CLASSIC EXAMPLE OF GETTING PREOCCUPIED WITH AN EMER INFLT AND NOT MONITORING ALT CTL. I HAD EXPECTED THE ALT PRESELECT TO WORK AND IT DID NOT.