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thinking out loud here....
29.92= 100 foot indicated.
should be indicating 1,400
31.22 = change of 1.3" 1,300 ft
If your altimeter must show with in 75ft of field elevation. if not dont fly.
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Your altimeter should show the correct reading if the setting is 31.22".
The "within 75 feet" would not apply if the altimeter is calibrated correctly.