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Television has yet to be fully exploited as a campaign fund-raiser. Right now, conservatives are leading the way in using the tube to raise money and deliver political messages. Some 41 stations air the ''American Forum,'' a weekly series paid for by the National Conservative Foundation. Appeals for money help pay for air time, and letters from viewers build a conservative mailing list. The US Chamber of Commerce will join the video rush in April with a political news program with a business slant. One objective: Help businessmen lobby on Capitol Hill.

Why TV? Americans are glued to their sets - 64 percent of them get most of their news from TV. Looking ahead, conservative and liberal cable channels are possible. And direct mail expert Richard Viguerie says he's eyeing TV for fund raising.

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