Modest Folk Art Travels To the Big-Museum Fast Lane
LEAD: FROM mousy beginnings 27 years ago in a walk-up on West 53d Street, the Museum of American Folk Art has finally achieved a place in the glitzy world of big-league museums. Not only is it planning a $40 million headquarters, to be opened on West 53d Street in 1992, but also, as a kind of preview of coming attractions, it has just opened an elegant ''branch'' on boutique-y Columbus Avenue, at 65th Street, a storefront space where a respectable slice of its collection is handsomely displayed.
