In what might be termed the revenge of the cultural elite, Hollywood representatives yesterday expressed delight over the prospects of a Clinton-Gore team in the White House.Jack Valenti, head of the Motion Picture Assn. of America, called Clinton a “terrific guy” who is “first class. I think he’ll make a great president. He’ll be good for the country, and if he’s good for the country, he’ll be good for Hollywood.” Though Hollywood was used as a punching bag by Vice President Dan Quayle during much of the presidential campaign, Valenti said the Veep’s “family values” theme fell flat. “As we like to say in Texas, that old dog never hunted, ” said Valenti. The problem with Quayle’s attack on Hollywood, Valenti said,”is that you cannot indict an entire industry” based on individual programs. The MPAA head predicted, “A lot of people in the creative arts will have ample entry into the White House” under a Clinton administration. The Washington Post seems to agree. On a “Who’s In, Who’s Out” list yesterday , the Post placed Bush backers Bruce Willis and Arnold Schwarzenegger on the “out” list and “almost every other star in Hollywood” on the “in” list. Valenti said, “Key people in the Clinton camp, and the Arkansas governor himself, have been made aware of the enormous value of the movie industry to U.S. trade. This is the premier trade asset that we have. They (the Clintonites) understand this,” per Valenti. The MPAA honcho declined to speculate on whether the Federal Communications Commission under Clinton might be more sympathetic to Hollywood in the never-ending financial interest and syndication rules fight. A Chicago federal court is currently reviewing new fin-syn rules adopted last year by the FCC in a controversial 3-2 vote. It’s thought likely the court will overturn at least some of the regs, and send the decision back to the commission for further tinkering.