B757-200 FLT CREW OVERSHOOTS ASSIGNED ALT DUE TO CTLR ISSUING AN INCORRECT ALTIMETER SETTING.

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GIVEN APCH CTL FREQ AND CHKED IN AND CLRED DOWN TO FL190 AND GIVEN RWY 35R FOR LNDG. THIS WAS DIFFERENT THAN THE ATIS (PLANNING RWY 16R) SO WE GOT NEW ATIS. PASSING FL210 A NEW CTLR'S VOICE CAME ON (SHIFT CHANGE; I GUESS) AND CLRED US DOWN TO 11000 FT AND ALTIMETER OF 30.41. WE COMPLIED AND THE CAPT (PF) CALLED FOR THE DSCNT/APCH CHK. I PULLED OUT MY CHARTS WHILE THE CAPT REPROGRAMMED THE FMC. HE DID A BRIEF FOR THE NEW RWY AND I COMPLETED THE CHKLIST. WE WERE THEN GIVEN RWY 35L FOR LNDG. ANOTHER RWY CHANGE SO WE REPROGRAMMED THE FMC AGAIN AND DID ANOTHER BRIEF. BY NOW I FINISHED THE CHKLIST AND AT THE ALTIMETERS CHK RESPONSE I NOTICED THE CAPT AT 30.42. I ASKED THE CTLR IF IT WAS 30.41 OR 30.42 AND HE RESPONDED WITH 29.41. BY NOW WE WERE THROUGH 12000 FT ON THE WAY TO 11000 FT. I ASKED THE ALTIMETER AGAIN AND THE CTLR AGAIN SAID 29.41; BUT ADDED ON THAT; 'I MIGHT HAVE GIVE YOU 30.41.' I TOLD HIM WE WERE CLBING BACK UP TO 11000 FT SINCE WE WERE WAY BELOW THE ALT CLRED FOR THE NEW ALTIMETER SETTING. NO TCAS OR TFC OBSERVED AROUND US. HE SAID OK; AND GAVE US A HDG CHANGE FOR THE DOWNWIND. BY NOW I SAW THE ATIS MESSAGE BLINKING ON ACARS AND CONFIRMED THE ALTIMETER. WE WERE TOO BUSY WITH 2 RWY CHANGES IN A RELATIVELY SHORT PERIOD OF TIME TO CATCH THE ATIS ALTIMETER.