Gee,
I wonder that the club would be willing to dispatch the aircraft with an error allowing the engine to rev 80 RPM over the red line if so operated by the unwary pilot.
In Canada the following applies:
"The accuracy of mechanical drag cup type tachometers, for fixed wing propeller driven aircraft, shall be checked on site annually, and be accurate to within the tolerances established by the aircraft manufacturer or, where no tolerance has been specified by the aircraft manufacturer, to within +\- 4% of engine RPM at mid-point of the cruise range."
As tachometers are not generally adjustable, replacement is implied for a non-compliant instrument. The placarded error you report, however, would still comply with this requirement.
That said, reassure yourself for future occurances, by trying the occasional partial power takeoff, when you have lots of runway available. You may be surprised to find that takeoffs with as little as 75% power still seem fairly reasonable. This would be what you would experience at a high altitude airport, or the more common occurance of a sticking exhaust valve, or fouled plugs, on a 4 cylinder engine. When that happens, you'll be just airborne, and it'll startle you in a not so nice way. Yes, you'll be thinking of landing again real soon, but there maybe a lack luster performance circuit ahead of you first...
There are numerous recorded accidents where a sudden partial power loss has happened, the pilot surmised an engine completely failing, and crashed, instead of continuing to fly an at least manageable aircraft.
Cheers, Pilot DAR