Hey Ken,
How are you sending data to CWOP. Some software sends the "wrong" stuff. IMHO, VPLive is the best program for submitting data to CWOP.
"Should I consider re-calibrating my barometer to correct for the error reported by MADIS?" Yes but not yet.
"If I'm off on the elevation by, say, 50 feet, would that cause the error reported by MADIS:" Maybe.
"Or try to verify my elevation using another method (assuming that makes a difference)? Or just trust the readings?" Yes - Google Earth or local Topographic maps. Probably shouldn't do anything major until you get a big summer high to tweak to. In the end, you may need to add a small offset to your Davis console.
JMO
George