A young Broadway producer will save $70,000 tomorrow night by opening a Tennessee Williams play and an opera in New Orleans. With the help of Tulane University, 29-year-old James S. Elliott will present the world premiere of Williams' "27 Wagons Full of Cotton" and an opera by Italian composer Raffaello De Banfield. The opera, written in English, is based on another play of Williams, "Lord Byron's Love Letter." Usually a Broadway producer who wants an out-of-town tryout takes the complete show to Boston, Philadelphia or New Haven, Conn. Elliott, however, has taken an incomplete show to New Orleans and completed it with the city's theatrical talents. The producer picked New Orleans because Williams calls it home, the city's French quarter holds the action of "Lord Byron's Love Letter," and the scene of "27 Wagons of Cotton" is nearby Mississippi. Elliott's plans excited Tulane's drama department into offering free services and his own Broadway cast into approving salary cuts...

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