All this dialogue and not one mention of matching another previously set monument by another surveyor. Doesn't really matter if it's acceptable, but at least it's something to compare to. Or is this a college exam problem/question?
Instrument error is easy to find and fix, human error is often involved and also fixable. But the project conditions and specifications will likely prevail. Me, I know if I was measuring 400 ft and found a couple hundredths discrepancy, I'd be moving on. Then I'd get my instrument checked, or just wait for another project to make sure. All that does have a cost involved. What about the 100 ft Lufkin fiberglass tape as another check?
Don't chase a rabbit unless you're hungry :-/