In a week of flocking Republicans, they were of yet another feather, and last night any squawks attributed to them about the Reagan administration almost sounded like purrs.

"I kind of psychoanalyzed all those conservatives at lunch -- I let 'em have it," said Interior Secretary James Watt of his speech before the first annual Conservative Leadership Conference, which wound up with its own version of a Reagan Inaugural Anniversary ball last night.

"You sure did," said a North Carolina psychiatrist to Watt. "I'm glad you're in government and maybe our crazy government will straighten up."

Watt, one of three Cabinet officers making the scene in the cavernous Sheraton Washington Hotel ballroom, took issue with reports that conservatives have become disgruntled over the way Ronald Reagan is running things.

"It's three men -- Richard Viguerie, Howie Phillips and Paul Weyrich. And they don't represent these people because these people are solidly behind the president," said Watt. He described "some hurting days" during his own first year in office, but says it was an otherwise overwhelming success. "I haven't lost a single thing. In fact the Sierra Club's wild, wild charges have been a good break for me because there's no congressman who can say he didn't know what the secretary of interior was talking about.

"No," said Watt, his face bathed by a big grin, "I even thrive on the controversy."