A Gulfstream V pilot overshot the 1;500 FT restriction on the TEB 5 Departure because he became distracted by the chart on his yoke. An immediate descent was made.

Narrative

On the TEB 5 off of Runway 24; I know the procedure well; have been flying out of TEB for 6 years now. Allowed myself to be distracted by the SID chart located on the control wheel and went to move it; with a high rate of climb by the time it was adjusted out of the way I was at 1500 FT. By the time I got the aircraft leveled off and back down I had reached 1700 FT. Recovery was immediate and no other aircraft going into/out of EWR were around. As soon as I was leveled off at 1500 FT ATC cleared us to 3000 FT. Lack of attention approaching a critical altitude was the only cause. It is one of those things you know not to do; but having never busted the altitude before out of TEB; I became complacent. In the future I will not mess with a piece of paper that was not a critical item. To help in the future it might be a wise move to: 1. Place the aircraft on autopilot; or 2. Use the Vertical Speed to keep the rate of climb around 1000 FPM to help with the level off; and don't be distracted by something as simple as a piece of paper. The worst part of all of this was I just completed the Flight Safety Institute TEB 5 safety course and it would seem after learning that most altitude busts occur in VMC due to the pilot being behind the aircraft; that I would not fall into that trap and have been really on my game. Instead I became complacent with my skills and that is the biggest trap there is.