 This past weekend, President Clinton and administration officials issued blunt and accurate warnings about the politics of this issue: Republicans can go into the fall elections sharing credit for a bipartisan victory in the fight against smoking --- especially by teenagers --- or carrying the label of tobacco's ally in that fight. Opponents of tobacco legislation want to convert the label into a badge of honor, claiming they are standing on bedrock Republican principles of opposition to higher taxes and government growth. Senate Majority Leader Trent Lott of Mississippi said the bill sponsored by fellow Republican John McCain of Arizona is "dead in the water" and is unlikely to be voted on.