MAKING THE MOST OF IT

Western media attention is avidly consumed by Washington's parochial fall out from the arms-to-Iran imbroglio. In the Gulf, the turn of events is seen rather differently. Who knew what in the Reagan Administration's confused bureaucracy - and who replaces whom as a result of the exposure - is not of immediate interest. What does count is the political profit and loss to be made out of the increasingly astounding revelations.