William V. (Red) Reynolds, 54, a lobbyist on Capitol Hill who spe- cialized in transportation and billboar legislation and a former film and television producer and actor, died at his home in Fairfax on Wednesday after a heart attack.

Mr. Reynolds was a native of Des Moines, Iowa. He served with the Navy in this country from 1945 to 1948.

From 1953 to 1961, he hosted and wrote a children's television show in Oregon and produced and acted in films for several Hollywood studios. His credits include the role of Kit Carson in the "Death Valley Days" television series. He later worked for the Oregon Highway Department and then had his own advertising agency in Salem, Ore.

Mr. Reynolds moved to Fairfax in 1970 when he became executive director of the National School Transportation Association. He later joined the Roadside Business Association as executive director.

Survivors include his wife, Billie, of Fairfax, three daughters, Wendy, of Portland, Ore., Christy. of Fairfax, an Cindy Waple of Springfield; a son, Gilbert, of Monmouth, Ore.; his father, Frank Reynolds of Klamath Falls, Ore., a brother, Malcolm, of Lindale, Tex., and one grandchild.

The family suggests that ex- pressions of sympathy be in the form of contributions to the William V. Reynolds Memorial Fund at St. Stephen's United Methodist Church in Burke, Va.