In this paper, we propose an imperfect quantized feedback-based diagonal precoding scheme for generalized orthogonal space-time block codes in an N × 1 multiple-input single-output (MISO) wireless communication system employing M-QAM constellation. It is well known that a feedback-based precoding scheme aids channel adaptive signaling in wireless communication system and capitulates large improvements in almost all performance metrics. However, a practical feedback link is susceptible to error due to wireless channel fading and leads to wrong precoder selection. Therefore, a signal-to-noise ratio (SNR) adaptive error-tolerant weighting scheme is introduced which provides significant gain in comparison with another proposed arbitrarily fixed SNR error-tolerant weighting scheme. At first, a tight approximate closed-form expression of average symbol-error-rate (SER) and an exact analytical expression of outage probability are derived under imperfect feedback information with the help of order statistics. By minimizing the derived average SER, optimized transmit weights for the diagonal precoding matrix (based on feedback bits) are obtained. Later, a closed-form expression of the ergodic capacity with erroneous feedback bits for arbitrary MISO system is also provided by using the moment generating function approach. Further, numerical results show that the considered error-tolerant schemes outperform the uniform power allocation scheme in term of all the investigated performance metrics.