Arnold Reloaded.(Arnold Schwarzenegger as possible candidate for governor of California)(Column)

In all the ways that count in Hollywood--money, basically--he's 10 times the star Ronald Reagan ever was, and he's 10 times more handsome than pro wrestler turned Minnesota governor Jesse Ventura, so Arnold Schwarzenegger has to be considered a good bet to be the next governor of California. If he runs, that is; Schwarzenegger has said he won't make up his mind about the race until after the release of the long- awaited third installment in the "Terminator" series, "Rise of the Machines" which opens worldwide this month. "I'm not running," he told NEWSWEEK recently. "On the other hand, you don't want to do the same thing your whole life, either."

If he does run, a great campaign ad will be crucial to overcoming voter resistance to a candidate who kills with his hands. NEWSWEEK recently visited Schwarzenegger's office, spoke with him on the Warner Brothers lot and put together this potential script, based entirely on real scenes and interviews:

--We open on a gauzy shot of a cozy, paneled room with an old-fashioned wood stove, a pendulum clock and shelves crowded with beer steins.

Voice-over: He was born in a small town in Austria...

Pan to a large window with palm trees outside, then pull back to reveal that this is actually Schwarzenegger's private study inside his complex of Santa Monica offices.

... but he's as American as an M-16!

Movie still of Arnold blazing away with a machine gun. Cut to long tracking shot of offices, lingering on body-building trophies the size of fire hydrants, a miniature prop plane from "True Lies," photographs of Arnold with various presidents and a large framed citation from the Simon Wiesenthal Center.