Saturday at noon two graduates of Ivy League colleges will lead the fastest field in Indianapolis history past the starter's flag. As rookies two years ago, Cornell's Peter Revson and Brown grad Mark Donahue impressed the tough Indy crowd.

This year sports-car driver Donohue and his McLaren racer terrorized them, running at record-shattering speeds throughout practice. But fellow road-racer Revson, in another McLaren, won the number-one starting position when Donohue's car lost its edge, during qualifications. Donohue and Revson are the favorites, in that order, with the likes of A. J. Foyt, Bobby and Al Unser, and Mario Andretti left hoping that the McLarens break down.

After the 500, Donohue and Revson will fly to Boston for Monday's Bryar Trans-Am race. Bryar Motorsports Park, located just east of Concord, N. H., about 90 minutes from here, plays host to the Sponts Car Club of America's sedan racers. Javelin drivers Donohue and Revson will have as their chief competitors '63 Indy winner Parnelli Jones and Peter H. Gregg '61 in last year's championship-winning Bud Moore Mustangs.

Racing begins at 1 p. m., rain or shine.