ONCE AGAIN AN OFFICIAL task force has unveiled a revised plan for the Georgetown waterfront. Once again the scale of proposed development has been reduced. Once again the organized citizens of Georgetown, the only citizens really in on the bargaining, are calling the new plan better but not good enough. And once again everyone else is left to wonder when the National Capital Planning Commission, the city government, the National Park Service and the rest of the cast are going to stop studying and start doing the one thing most people support: turning as least part of the ugly riverside stretch into a waterfront park.

The planners have already done enough to try to placate Georgetown's citizen-protectors. For instance, the now agree that the development-in a triangle below K Street, from Rock Creek almost to Wisconsin Avenue-should be "predominately residential." That no doubt means high-priced townhouses and condominiums, of the sort already springing up nearby. Earlier plans called for a combination of housing, shops and offices in the tringle. Such a blend-no larger, but less exclusive-could boost the tax base more and would be more in keeping with the commercial traditions of the waterfront.

Then there's the matter of the park. Any place for people to stroll, picnic and watch the river would be better thatn the current rubble and parking lots. But the stretch should not be turned into a decorous oasis, a front lawn for the townhouses, or a grassy strip that, like the one beside the Watergate, seems designed to keep the city and the river apart. Instead, this park should be a lively place that brings some of the old port atmosphere back to the river bank. It should have corners for vendors, artists and musicians, and lots of docking places for boats. And the city and Park Service should start on it right now.