A B737-300 FLC ALLOWS THEIR ACFT TO OVERSHOOT THE ASSIGNED ALT FOR THE LOC INTERCEPT WHILE 10-15 MI S OF SLC.

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WE HAD BEEN ON A VECTOR BY SLC APCH CTLR FOR RWY 34L ILS IN IMC. ON BASE LEG; DSNDING TO 8000 FT MSL; WE ENCOUNTERED VMC AND LEVELED AT 8000 FT MSL. APCH TURNED US (COPLT'S LEG) TO A DOG-LEG INTERCEPT HDG. CLRED US FOR THE ILS RWY 34L; MAINTAIN 7000 FT MSL UNTIL INTERCEPTING. I ACKNOWLEDGED. APCH THEN RPTED TFC WITH ALERT; CLOSE OFF THE L WING; NO ALT RPT; 'CONTACT SLC TWR 132.65.' I ACKNOWLEDGED THE TFC; SWITCHED TO TWR FREQ AND BEGAN AN OUTSIDE SEARCH FOR TFC. SALT LAKE #2 (U42) ARPT WAS IN SIGHT JUST L AND BELOW US. MY FIRST INDICATION OF TROUBLE WAS THAT WE WERE TOO LOW OVER U42; XCHKED ALTIMETER AND WE WERE DSNDING THROUGH 6400 FT MSL AND ON COURSE (LOC TRACK). QUICK DISCUSSION WITH FO REVEALED HE THOUGHT CLRNC WAS 'MAINTAIN 6000 FT UNTIL ESTABLISHED.' DURING BUSY MOMENTS TUNING SLC TWR; CONTACTING SAME AND SEARCHING FOR TFC; I FAILED TO FOLLOW COMPANY POLICY OF VERIFYING ASSIGNED ALT BY POINTING TO AND CALLING OUT ASSIGNED ALT. FO GENTLY PULLED UP TO 6500 FT MSL AND CAPTURED GS TO CONTINUE AN UNEVENTFUL LNDG. ARPT (SLC INTL) WAS IN SIGHT DURING THE ENTIRE EVENT. NO TA'S OR RA'S NOTED.