I'm not really sure the tolerance for baud rate.

If I recall correctly, for 10 bits (1 start, 8 data, and 1 stop), the maximum tolerance is 5%. One generally strives for less than 2.5% error on either end of the link in case one end is running fast and the other end is slow. If one end has 0% error, the other end's error can increase some. I personally use <3% as my "comfort zone" when communicating between microcontroller and PC, which has 0% error for the so-called "standard" baud rates.