Rollie Fingers, Milwaukee relief ace who missed the last five weeks of '82 season, playoffs and World Series, is not sure he will be ready by opening day '83. Optimistic the muscle tear in his right arm will be 80-90 percent healed by spring training, but "going to baby it a little because I don't want to wreck anything and be out for the whole season" . . . Free agent Ellis Valentine, .283 lifetime with Expos and Mets, signs with the Angels, as outfield protection because Bobby Clark hurt his back in winter ball . . .

Fernando Valenzuela, asking to be paid $1 million in 1983, formally filed for salary arbitration; the Dodgers reportedly submitted a figure of $750,000--both figures the highest since arbitration became part of the game in 1974. A hearing will be held next month, if no settlement sooner . . .

It was one thing that the Yankees exposed Rudy May to the compensation pool, to be chosen by the White Sox as payment for Steve Kemp (still unsettled because of May's no-trade clause), but another thing: the Cubs left Fergie Jenkins unprotected. Chicago papers say the Sox notified their city rivals they were about to take Jenkins in last week's compensation draft and were dissuaded in a flurry of telephone calls. "We didn't want to embarrass Dallas Green or the Cubs," said a White Sox executive, "nor did we want to get into a civil war."

Jenkins, Cubs' top winner in '82: "I thought they (Cubs) thought more of me than that."