YOUNG AND RESTLESS has always been a cutting edge show — timely storylines, crisp dialogue, impeccable wardrobe, and, above all, lively, up-to-date sets. Well, all except one: the Chancellor living room. It's old stale and bordering on decrepit. Wouldn't hip Jill have suggested some redecorating by now? Or what about Katherine's 20-something pal, Amber? Heck, even the forever young Katherine should be smart enough to know it's time to call in the pros to revamp the place. A couch circa 1990 or 1980 would be a vast improvement over the 1970's version Katherine and company having been sitting on for 30-plus years. And how about some new draperies or, better yet, plantation shutters? It's time the place got a major overhaul.