Would you trade a few days of vacation for a bigger life insurance policy? How about giving up some sick leave for a less costly, but more comprehensive health insurance plan? Or would you give up some other fringe benefit if Uncle Sam would let you take a personal holiday on your birthday?

Those are some of the possibilities the House will consider today when hearings begin on a bill to allow federal workers to tailor-make their fringe benefits, which now account for 12 cents of every federal payroll dollar, according to their individual needs.

The bill by Rep. Tom Lantos (D-Calif.) would require the federal government to consider the feasibility of "cafeteria style" flexible fringe benefit packages that are becoming popular in the private sector. The hearings will be before the employment and housing subcommittee of the House Government Operations Committee. Office of Personnel Management Director Constance Horner will testify on behalf of the Reagan administration. Other witnesses will include representatives of the General Accounting Office and various federal employee unions. Pay Experiment

The American Federation of Government Employees union has negotiated a new pay and classification system that will be tested on 2,000 workers at McClellan Air Force Base in Sacramento, Calif. Under the plan, workers represented by AFGE will be put under a simplified grade classification system with three new pay schedules. Annual performance ratings will be dropped in favor of a new quality control pay system, and profits from productivity improvements will be split between the government and workers. AFGE President Kenneth Blaylock said he expects the Defense Logistics Agency project will be put in place within 18 months. Meetings

The executive leadership chapter of Federal Employed Women Inc. will have its March 10 dinner meeting at the Fort Myer Officers Club. Department of Education Assistant Secretary Bonnie Guiton will talk about advancement opportunities for women. For reservations call Maryanne Warne at 789-6840.

The National Association of Retired Federal Employees Wheaton-Glenmont chapter will meet at 1 p.m. March 11 at the Wheaton Regional Library. NARFE Vice President H.L. Ripple will speak. Call Mel Banks at 649-2672. People

The White House has nominated Hugh Hewitt to be deputy director of the Office of Personnel Management. He had been general counsel of OPM and has been acting in the No. 2 job since James E. Colvard left the agency . . . . The White House also has nominated Thomas J. Simon, OPM's senior administrator for intragovernmental affairs, to a five-year term as chairman of the Chicago-Based Railroad Retirement Board. Job Mart

The Architect of the Capitol needs elevator mechanics ($11.72 an hour) and elevator workers ($10.08 an hour). Call 226-2544.

The Defense Investigative Service is looking for an executive secretary (steno), Grade 7 through 9. Civil service status required. Call Joanne Penny at 475-0947.