It's looking to be a decent laser, no doubt, but it's still overdriven because the typical rating for 5.6mm diodes is 300mA (at controlled 25C case temperature) and the maximum possible (but not reccommended for long term use) current is 350mA (still at 25C). After a while, the case temp in this setup, even if heatsunk well, is 30-35C, which means the drive current should be derated further.
If anyone would like to post a datasheet for a 5.6mm packaged diode with higher specs, be my guest, but I have never seen one.