With news just announced that a promoter, with the blessing of Priscilla Presley, is at work bringing the relationship of Priscilla and Elvis to the musical stage, now comes word that Rosie O'Donnell, 40, is entering the theatrical fray, too. Playbill On-Line reports that the former talk-show queen, who ended six years as host of her own daytime talk show on May 22, is at work on a new play based on her best-selling book, "Find Me." Her collaborator on the project is John McDaniel, 41, who was the musical director on "The Rosie O'Donnell Show." Speaking to Playbill On-Line, McDaniel said of the source material and its subject: "(Rosie is) so wildly talented in so many ways, and how she expresses herself is so unique . . . it's a great story." The show, which McDaniel said should be ready for mounting by spring 2003 or the following fall, will be a two-character piece starring O'Donnell and an actress who has yet to be cast. "The other actress will play the smaller parts and will do the majority of the singing," said McDaniel, adding with a laugh, "since, as Ro says, 'At 90 dollars a seat, you don't want to just hear me sing.' But it's going to be fun. I'm creating it, collaborating on it with her . . . We've explored a lot of different directions, (but we) don't know exactly where it will wind up." Still, he concedes, at least at this juncture, "It's a fun process."