This episode's headline: Weapons Talks -- Standoff in Space; Diablo Canyon Nuclear Power Plant; Broadcast Deregulation; Athletes and Drugs; American Folk Art. The guests include In Washington: DON OBERDORFER, Washington Post; MARK FOWLER, FCC Chairman; JACK VALENTI, Motion Picture Association of America. Byline: In New York: CHARLAYNE HUNTER-GAULT, Correspondent; In Washington: JIM LEHRER, Associate Editor; Reports from NewsHour Correspondents: KWAME HOLMAN, in San Luis Obispo, California; JAMES WILKINSON (BBC), in London; LARRY MERCHANT, in Los Angeles; BARRY RICHARDS (KTCA), in Minneapolis-St. Paul