Tinkerbell T-Shirts?

Steven Spielberg’s long talked-about Peter Pan project is set to begin production early next year--as “Hook”--with Dustin Hoffman as the dastardly Capt. Hook, opposite Robin Williams as a grown-up Peter, and Spielberg directing. At this writing, Julia Roberts is high on the list of possibles to portray Tinkerbell.

We’ve also learned that the film, as now scripted by Nick Castle and John Hart, will mix the classic with the contemporary. Williams’ character--a stressed-out adult whose life takes a magical turn when he returns to his childhood home--will be introduced in the present, eventually being transported to ageless Never-Never Land.

Among the other contemporary touches: The Lost Boys start out as street types who ride skateboards and play basketball. The mermaids are on the voluptuous side--with one sporting turquoise lips and bright orange hair.

With such exploitable elements--and Spielberg’s tradition of licensing the heck out of his movie characters--can a merchandising windfall be far behind?

“You’re too early,” says Marvin Levy, spokesman for Spielberg’s Amblin Ent., which is teamed on the project with distributor Tri-Star Pictures. “The merchandising aspects of this film will not be that significant.

“You’re not going to see 8 zillion things . . . we don’t think.”