Valentino treated a room full of well-dressed Valentines at the Regent Beverly Wilshire Hotel to a runway show of his spring collection. And by the end of the show, everyone was wondering whether or not their legs would carry them through such short cuts. “I don’t think the audience realized that the clothes won’t come into the stores that short,” said Betsy Bloomingdale, who co-chaired the annual Colleagues luncheon honoring cartoonist Charles Schulz with the Champion of Children Award. “But his lace stockings were beautiful.” “It was all wearable in the right lengths,” said co-chair Anne Johnson,”and so romantic.” The event grossed $111,000 for The Children’s Institute International, according to Johnson. Grabbing bottles of Valentino’s Vendetta fragrance that scented each table, the crowd accelerated over to Neiman Marcus, where the collection hung short but could be ordered longer, promised store chief John Martens.