ACR MLG OVERSHOT ALT IN CLIMB CAUSING LESS THAN STANDARD SEPARATION.

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ON CLBOUT OF SLC IN VNAV AND DIRECT ABQ IN LNAV; AUTOPLT ON. WE VISUALLY SPOTTED TFC GIVEN XING RIGHT TO LEFT. F/O DIRECTED HIS ATTN TO THE ACFT MANUALS TRYING TO RESOLVE A REVERSER LIGHT. I WATCHED THE XING TFC FOR A PERIOD TO DETERMINE THE CLOSURE BEARING. SEEING THAT WE WERE GOING TO PASS BEHIND HIM STATED THAT TO THE F/O. AS THE RPTED TFC CONVERGED WE RECEIVED A FREQ CHANGE FROM 134.8 TO 132.55. THE F/O PUT HIS MANUALS ASIDE AND DIALED 132.55 ON #1 RADIO. HE EXPERIENCED A PROB WITH THE TUNING (ALL #'S WANTED TO ROTATE WITH THE LOWER KNOB; WHICH HE DEMONSTRATED TO ME). HE THEN SWITCHED TO THE OTHER SIDE OF THE RADIO HEAD AND MADE A CALL TO CENTER. NO ANSWER. MEANWHILE; I WAS WATCHING THE CLOSURE OF THE ACFT PASSING AND NOT WANTING TO FLY THROUGH HIS WAKE; I STOPPED THE CLB; GLANCING AT THE MCP ALT WINDOW TO CHK OUR RESTRICTION. WE HAD 36000' SHOWING. I STARTED TO ASK THE PREVIOUS CENTER FREQ. THE CENTER DIRECTED US TO DSND TO FL310. I LOOKED TO SEE WHAT ALT I HAD STOPPED THE CLB AND SAW FL 318. SHORTLY AFTER WE WERE ASKED TO VERIFY THAT OUR ALT LIMIT WAS FL310 AND I SAID THAT I COULD NOT BECAUSE WE SHOWED A HIGHER ALT IN OUR WINDOW. WE WERE OF COURSE CONCERNED HOW THE FL360 GOT IN THE MCP WINDOW. NOTING THAT EACH OF OUR ATTN WAS DIVERTED MOMENTARILY; IT IS MY BELIEF THAT IT CHANGED ITSELF AND WE DID NOT CHANGE IT. IT IS NOT AN ALT THAT WE WOULD SELECT AND WE DID NOT KNOWINGLY SELECT IT.