It does appear the case that the "Pressure Altitude" in the data is relative to 29.92, because it starts at 40ft, and Dulles is 313ft AMSL, which for the set Baro of about 30.21 is about right (That is, for a baro of 30.21, an altimeter set to 29.92 would read about 40ft when actually at about 320ft AMSL)
Since the baro set at the end was also about 30.24, you can use the same offset, which would mean that for the final reading of 170ft, the aircraft would indeed seem to be giving a pressure altitude of about (313-40+170)=450ft or so.
The problem is that the aircraft was doing some 460knots at that point. Since pressure altitude sensing errors are dependent on airspeed, and can be CONSIDERABLE at such high speeds (outside the aircraft design envelope) I simply do not trust an attempt to place the aircraft in space vertically based on such data.
Its unfortunate that radar altitude data were not made available; if I was trying to reconstruct a flight path thats what I'd want to use.
Simply put, an error of several hundred feet in pressure altitude is very possible at such speeds; without access to certification and test data for the aircraft you can't make any statements in more detail.
Afraid its not a complete refutation, but the data doesn't really support any conclusion in any direction. I would say there could be an error of as large as 500ft at such high speeds