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Town & Country magazine is donating some of its advertising revenue to help women overcome the cosmetic trauma of cancer treatment.

The magazine will donate 55 percent of the beauty advertising revenue received from a specially planned insert in the October issue. Frederick W. Jackson III, vice president and publisher, says it should generate between $500,000 and $700,000 for the "Look Good . . . Feel Better" campaign."Look Good . . . Feel Better" is a public service program developed by the Cosmetic, Toiletry and Fragrance Association Foundation to help women recovering from cancer deal with the changes in their appearance. Chemotherapy and radiation treatments often result in loss of hair, eyebrows and lashes, changes in skin tone and texture and brittleness of nails.

With help from volunteers from the National Cancer Society, cosmetologists and hairstylists provide treatment and advice at hospitals, salons and other community settings.

Pilot programs were conducted last fall at Memorial Sloan-Kettering Cancer Center in New York and the Vincent T. Lombardi Cancer Research Center at Georgetown University Hospital in Washington, D.C.