The Reagan camp "put the squeeze on her," but Anne Armstrong, adviser to former president Nixon and ambassador to Great Britain under fomer president Ford, won't hold down a full-time job for the Reagan administration.

Armstrong, the only woman in the upper levels of President-elect Ronald Reagan's hierarchy and frequently mentioned as a candidate for secretary of commerce or U.N. ambassador, announced yesterday she had withdrawn her name from consideration, saying, "It's a time in my life when I want to spend time with my family."

Armstrong said she told Reagan last weekend in California that her decision was final -- no commuting, no 18-hour days, no Washington.

Armstrong joined the Reagan campaign as cochairman after he had locked up the nomination, despite her longtime support for the Equal Rights Amendment, which he opposes. She will stay on as an adviser and expects to help out the new Republican administration in a part-time position.

Reagan reportedly asked Armstrong several times to reconsider her decision -- "They really put the squeeze on her last weekend," said one high-ranking official in the reagan camp.

"Hell, they need a woman and she was the obvious one. She was one woman they could get along with."