Interior Secretary James G. Watt, whose prowess at shooting from the hip has earned him some renown in Washington, is going home to Wyoming today for an event that will require a little better aim.

Watt, along with two other high-ranking Interior officials, will join a group of politicians and celebrities in Lander, Wyo., for a town celebration that culminates Saturday in an annual rite known as the Lander One-Shot Antelope Hunt. Contestants, who hunt in three-man teams, get only one bullet apiece.

Last year's Interior team -- led by G. Ray Arnett, assistant secretary for fish and wildlife and parks -- won the contest (three antelope in two hours and 50 minutes), and the winning One-Shot team in 1980 was led by Watt's predecessor as Interior secretary, Cecil D. Andrus.

But there's more than departmental honor at stake here for Watt and his team members, Fish and Wildlife Service director Robert A. Jantzen and Bureau of Reclamation Chief Robert N. Broadbent. Winning admits them into the braves' circle at the post-hunt festivities, but "if they lose, they have to dance with the Indian squaws," said One-Shot Club president Garve Chapman.

The entrance fee for the One-Shot Hunt is $200 apiece, and no one at Interior seemed to know who was footing the bill for Watt and his shooting buddies. An Interior spokesman noted that the Lander escapade was "not an official trip" and will be paid for "by various sources." Watt has some other business in the area, including some political appearances.