NEWS NOTES: Jeff Lynne, the former mastermind of ELO, is recording his first solo album for Warner Bros. Lynne is the hottest record producer around, having supervised three Top 5 albums in the past year--the Traveling Wilburys' "Volume One," Roy Orbison's "Mystery Girl" and Tom Petty's "Full Moon Fever." Lynne has also produced tracks for upcoming albums by George Harrison and Del Shannon. . . . MCA Records has three of the Top 5 albums on Billboard's sales chart for the first time in its history. The Fine Young Cannibals are No. 1, Bobby Brown is No. 3 and Petty is No. 5. . . . Arsenio Hall is recording an album for MCA based on the Chunky A character he has portrayed on his nationally syndicated talk show. . . . Tina Turner's first album in three years, "Foreign Affair," is due in September. Turner and Dan Hartman co-produced the first single, "The Best." Two surprises in the album credits: Tony Joe White (best known for his 1969 hit "Polk Salad Annie") wrote four songs, and Edgar Winter (best known for "Frankenstein") played on the album.