Tel Aviv and Elat, Israel, are ''probably safer than the L.A. neighborhoods where Boyz N the Hood was shot,'' says producer Peter Locke, as CBS' late-night private-eye caper, Sweating Bullets, now becomes the first American network TV series produced in the Holy Land. Though Sweating Bullets is set in the Florida Keys, the producers decided to film in Israel to take advantage of $6.5 million raised on the Israeli stock market and earmarked for TV productions in the Promised Land. Tel Aviv and waterside buildings will be dressed in a Bahamian-colonial style, and the Red Sea will double for the Gulf Coast. Israeli shekels plus Canadian financing for the show's Canadian directors, writers, and stars Rob Stewart and Carolyn Dunn allow CBS to hold down costs while getting show quality ''far in excess of the money it puts in,'' says Locke. CBS chairman Laurence Tisch reportedly congratulated the producers for bringing business to Israel's TV industry. ''If Israel goes to war, we'll have some great footage,'' quips CBS late-night programming vice president Rod Perth. ''Our hero can become a war correspondent.''