AND NOW HERE'S THE NEWS: How's this for an odd-couple of the week? The hosts of this weekend's 1986 New Music Awards (which will air on the USA Network Nov. 10 at 8 p.m.) are none other than Sandra Bernhard and Ron Reagan. Just why the President's son, who is a contributing editor at Playboy, qualifies as a rock authority is one of those mysteries of the modern marketing age, but perhaps he got the nod after showing off his performing skills on "Saturday Night Live," where he did a parody of Tom Cruise's rendition of Bob Seger's "Old Time Rock & Roll." . . . Ex-Plimsoul David-O Pahoa has started a new rock band, Psychowhich, which was scheduled to make its debut this Halloween weekend at Madame Wong's West. . . . And the Roxy will host a benefit concert Monday for veteran club booker Michele Myer, with proceeds going to offset medical expenses incurred during her bout with cancer. The show, at 8 p.m., will feature performances by ex-Sex Pistols guitarist Steve Jones, Motley Crue's Vince Neil, Dweezil Zappa, Michael Des Barres, the Long Ryders with Chris Hillman, Candy and numerous special guests. Admission is $15.