Fresh New Orleans talent tonight, will help Tennessee Williams roll his aging "27 Wagons Full of Cotton" towards Broadway. The one-act play, published ten years ago, will join an opera by young Italian composer Raffaello de Banfield in a double world premiere here. Written in English, the opera is based on another early play of Williams, "Lord Byron's Love Letter." Unlike most professional shows, this one wants to grab more than applause and money from the city that starts its pre-Broadway tour. "We want these shows, despite the talent we bring in, to represent a community effort," says James S. Elliott of New York, the premiere's 29-year-old producer. Under an arrangement with Tulane University, Elliott has sliced expenses for the two-week run. Tulane and its Newcomb College for women will hand him without charge, theater, set designer, choreographers, musical director, lighting, costumes and stage crew. In exchange, Elliott promised to set up a Tennessee Williams writing scholarship at Tulane from the proceeds...

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