jwerthman - okay, that last post didn't really make sense. Obviously, the transformer should be built to withstand the excitation associated with operation at the tap extremes. However, considering that the transformer receives its excitation from the primary, that's where I would want to measure voltage - for the reason you gave, since the line voltage is more likely to rise with the load off (ie. transformer secondary breaker open), and the secondary VTs may or may not be located on the line side of the secondary breaker.
However, your point is well-taken and measurement on the secondary probably is more in line with the transformer capability. You have given me food for thought.