There's more than one way to skin a cat. Enter Biff Cline Enterprises, a 20-member incorporation with Angelo Dundee as the ring brains, to try to create the capital area's second world light-weight champion in a few years span.

Fred Burke of Potomac announced the venture yesterday that signals a new boxing life at 30 for Cline. He can punch with the best of them but his TKO by Ray Elson in the Don King-ABC tournament at Annapolis and a pretournament wipeout by KO, or foul, depending on your sources, exposed his greenness around the edges.

"I am now Biff's financier," said Burke. "Angelo is our trainer, and Biff already has been working under him for three weeks; he made a few changes immediately, new equipment, a new routine. My neighbor Marvin Gitelson, myself and Biff head the firm and we're going to develop a contender with no ties whatever to Chris Cline (Biff's father, who managed him until last week) and Don King (in whose service, allegedly, Chris Cline got in dutch over tournament irregularities)."

Well, actually, Dundee has been coaching Cline by phone from Miami Beach, with Jim McGreevy doing on-the-scene training at Hillcrest Heights Boys Club. But Dundee in his corner means probable entree for Cline on the next Sugar Ray Leonard card in the area (Baltimore Civic Center in September, probably).