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In mid-September, he will voluntarily end his 21/2-year stint at The New Republic because Madison Avenue is more desirable than K Street. "New York is where the adver tising 'nourishment' is, which Washington--even with all of the political excitement--can't equal," Lippincott says. "I've had some feelers, and this way, I don't have to interview for new jobs clandestinely." By chance, his former job- -The New Yorker book-publishing director (1994-1998) during the Tom Florio regime--is now vacant as Jeff Foley left to become Travel Holiday publisher (succeeding now-National Enquirer/Star executive vp/publishing operations Richard Amann).