Be careful about the peak reading meter. I may show you a bit more power on peaks than you really are making due to meter dynamics of over shoot and hold.
The Elecraft W2 doesn't use a moving vane meter, it uses LED segments and responds in microseconds. It's probably right.
The problem is at that output level the IMD falls apart.
The AL-80B dynamic ALC circuit actually works well. I use it. Doesn't even change the waveform on the scope the tiniest bit on fast CW, compared with not using it.