Cassius Clay, 1985. Graphite and gouache
''174TH ANNUAL EXHIBITION,'' National Academy of Design, 1083 Fifth Avenue, at 89th Street, (212) 369-4880 (through Sunday). Among 200 mostly dull works by 200 members of the National Academy, there are a few of real interest. Look for James McGarrell's hallucinatory, Bachanalian vision; Robert Cottingham's beautifully composed, Photo Realist sign painting; Paul Georges's vividly painterly picture of a bright green backyard under a gray sky; Sharon Yates's small, juicily painted picture of a house in the woods, and Sue Coe's socially acute cartoon of an early Muhammed Ali boxing match (Johnson).