Thanks for the replies.
I certainly believe the meter and thermocouple are reasonably matched and the +/-2% errors seen between 0C and 100C are within expectations. But, 100C difference between expectations and actuals lead me to question the measuring device as I couldn't believe that the measured devices themselves were both so extensively out of calibration..
If I assume from my non-scientific test that I should expect a +/-2% or even +/- 5% error in the readings given the variability of the probe, then I would expect that same error to be maintained to the high end of the scale. It means my soldering iron and hot air station require calibration. I couldn't believe at first that both workstations were in error but maybe that is the case.
I'm seeing a 125C difference in the set point to the indicated temperature on the hot air station which concerns me. I made the measurement by introducing the probe directly into the opening of the nozzle. So, it should be within a few degrees of the set point. The air volume was set at 4L/m so that the velocity of the air wasn't too fast to cool off the air stream. The Welller station does not have any analogue calibration mechanism so I have to figure out why its so cold.
I'm seeing a 100C difference in the setpoint to reading on the soldering station. Even if it did measure in a way as to surround the probe with heat, it should not be that far off. The soldering station is a cheap Atten clone of a Hakko (I expect it to be off) but it has a pot to adjust tip temperature, so it means I can bring it quickly into spec.
In short, I don't have any reason to doubt the meter, so I need to trust the readings and get on with the job.