AN MD80 CREW; ON DSCNT INTO BOS; OVERSHOT THEIR ASSIGNED ALT DUE TO A WRONG ALTIMETER SETTING.

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I WAS CAPT; PNF; FROM RSW TO BOS. APPROX 40 NM W OF PVD VOR AT FL240; WE WERE RECLRED FROM SCUPP ARR TO ORW ARR TO BOS. WE WERE THEN GIVEN CLRNC TO CROSS PVD AT 11000 FT. THE FO BEGAN DSCNT WITH SPOILERS DEPLOYED; AND I TURNED ON ENG AND AIRFRAME ANTI-DEICING. ALONG WITH ANNUNCIATOR PANEL MESSAGES; WE GOT A 'L THRUST REVERSER ACCUMULATOR LOW PRESSURE' MASTER CAUTION LIGHT AND MESSAGE ON THE OVERHEAD ANNUNCIATOR PANEL. I TOLD THE FO TO CONTINUE TO FLY THE PLANE AND I WOULD REFER TO THE AIRPLANE OPERATING MANUAL; AND I WOULD PERFORM THE ABNORMAL CHKLIST. JUST AS I COMPLETED THE CHKLIST (WHICH HAD ME FIND; PULL; RESET CIRCUIT BREAKERS); ATC ADVISED US THAT RADAR SHOWED US TO BE AT 10500 FT. WE HAD FAILED TO PERFORM AND COMPLETE OUR DSCNT CHKLIST -- USUALLY DONE AT FL180 TO RESET ALTIMETERS. CONTRIBUTING FACTORS TO THE ALT BUST WERE THE LAST MIN RERTE; A LAST MIN HIGH RATE DSCNT (CTL FORGOT US?); ICING CONDITIONS; TURB; AND THE THRUST REVERSER ABNORMAL PROC. THE FO IN THIS CASE WAS AN EXCELLENT PLT; AND THIS ALLOWED ME TO CONCENTRATE TOO MUCH ON THE ABNORMAL PROC; WHEN I SHOULD HAVE BEEN WATCHING HIM AND THE AIRPLANE MORE CAREFULLY.