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Greg Nelson
<<GPS, altimeter, and transponder all calibrated...>>

Sounds like you have a good pitot/static system. The GPS altitude these days is derived from the 5th Satellite in the GPS array. Since the selective availability has been removed by the USAF, the GPS altitude is very accurate. Your transponder is set to 29.92 and the ground station decodes at the current QNH (altimeter setting). So if the area altimeter setting happens to be 29.92, you will transmit what your barometric altimeter shows. If they are both showing the same, you are in great shape, especially if accurate at high altitude (flight levels).

Regards,
Tony Durizzi

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Please send your photos and drawings to marvkaye@olsusa.com.