AT THE MOVIES, The Hunt for Red October, with Sean Connery and Alec Baldwin (right), continues its box office voyage. ON TV, 40.4 million viewers tune in to host Billy Crystal’s first Academy Awards telecast to see Driving Miss Daisy take Best Picture honors. IN MUSIC, Alannah Myles scores a heavy-breathing Billboard hit (her only one) with the single “Black Velvet.” AND IN THE NEWS, Idaho’s state legislature approves the Martin Luther King Jr. holiday, leaving Arizona, Montana, and New Hampshire as the only states yet to do so. (By 1999, they all will have.)