LARGE TRANSPORT FLC EXCEEDS ALT RESTR ON PUBLISHED DEP.

Narrative

FO WAS FLYING. DEPARTED EWR; RWY 4L; VIA THE EWR 7 DEP. THE DEP CALLS FOR A 060 DEG HDG UNTIL THE 4 DME; LEVELOFF AT 2500 FT MSL; AND A TURN TO 290 DEGS. DURING CLB; I QUESTIONED FO ABOUT THE 060 DEG HDG. WE WERE ON A 050 DEG HDG. FO INITIATED A TURN TO THE L INSTEAD OF R. JUST ABOUT THAT TIME WE WERE GIVEN A FREQ CHANGE TO DEP. AS I WAS CHANGING FREQS; THE FO SAID SOMETHING TO THE EFFECT OF 'OH DARN.' I LOOKED UP TO SEE US CLBING THROUGH 2650 FT MSL. IN CONCERT WITH THE FO; I PULLED THE THRUST LEVERS BACK AND PUSHED FORWARD ON THE YOKE. THE HIGHEST WE CLBED WAS 2750 FT MSL BEFORE RETURNING TO 2500 FT MSL. I THEN CALLED DEP AND WAS GIVEN A 290 DEG HDG. CTLR NEVER QUESTIONED OUR ALT. SUPPLEMENTAL INFO FROM ACN 567355: ON CLBOUT DURING THE EWR 7 DEP FOR RWY 4L; I MOMENTARILY CLBED 250 FT ABOVE THE PRESCRIBED ALT OF 2500 FT MSL WHILE TRYING TO LEVEL OFF. I BELIEVE THE PROB WAS CAUSED BY THE BUSY COMBINATION OF A LOW ALT HOLD DOWN; A NOISE ABATEMENT HDG CORRECTION WITH A SUBSEQUENT (OVER 90 DEGS) L TURN AT 4 DME COMBINED WITH THE DISTR OF A FREQ CHANGE DURING THIS MANEUVER. ALTHOUGH LIMITED AIRSPACE IS AN ISSUE; PERHAPS RELIEF FROM MULTIPLE HDGS AND/OR LOW ALT HOLD-DOWNS COULD REMEDY FUTURE PROBS.