Meanwhile, speaking of horses, Commerce Secretary Malcolm Baldrige came home from a recent Moroccan trip with the news that another monarch, King Hassan II, would look kindly upon a little trot-a-deux with President Reagan during his state visit here in May.

"They're both good horsemen," noted Baldrige at a Moroccan Embassy dinner in his honor the other night.

A hard-roping cowhand who keeps up his membership in the Professional Rodeo Cowboy Association, Baldrige told fellow dinner guests he thinks the job of a "hard-working secretary of commerce" must seem short on glamor.

"If Al Haig were here tonight, he could get up and say, 'Our localization here is more important than the symmetry of the occasion.' And Cap Weinberger could explain that he is really helping get his job done by traveling," said Baldrige, during his toast.

Still, Baldrige is no slouch on the international circuit. He was encouraged to find on his Moroccan visit that he and Hassan have a common interest in horses.

Some administration insiders think it's unlikely, however, that Reagan and Hassan will ever hit the president's favorite old Quantico trail, considering the protocol problems the ride could stampede. "What happens when somebody like Mexico's Lopez-Portillo rides into town?" asks one skeptic. "Where do you draw the line?"

Moroccan Ambassador Ali Bengelloun told chief of protocol-designate Selwa (Lucky) Roosevelt he looks to her for guidance in any equestrian arrangements to be made for his monarch.

"I don't ride," said Bengelloun.