Kentucky Gov. Martha Layne Collins, who is on a tour of Europe studying the effects of acid rain, underwent emergency surgery yesterday in London. Doctors removed a portion of her small intestine after finding a sliver of glass. Collins woke up in the night in pain . . . Rocky Mountain News cartoonist Ed Stein has decided to do his thing for the starving millions in Ethiopia and raised $5,000 in five days by offering his original drawings for $75 and copies for as much as readers were willing to send . . . Former auto magnate John Z. DeLorean is bringing his newspaper advertising campaign to eastern newspapers to raise money to pay his legal bills from his cocaine conspiracy trial. There was no word which papers will get the ads or how much he raised on an ad in the Los Angeles Herald Examiner . . . The Washington Weekly has decided to name acting editor Margaret Carlson its new editor and is bringing on Bill Thomas, a Baltimore Sun reporter, as executive editor . . . President Reagan, who doesn't like taxes, has been hit by a slight tax hike on his Santa Barbara County property. His $2,841 property tax bill was up $76.68 from last year. The property, however, is in an agricultural preserve zone, and under California law is assessed substantially below true market value. The assessed value of the ranch is $271,686, but real estate experts place the true value at about $1 million. So he's still getting a deal . . .