Beach Ride Set WHEN LLOYD J. O'LOUGHLIN died last April, his treasured merry-go-round in Ontario Beach Park died. too. The colorful old carousel, with the hand-crafted wooden horses wrich were made in Germany more than half a century ago, was stilled all summer long. But it will come to life again. Chick Palumbo, who with his brothers owns the Char Pit restaurant on Lake Avenue, within a hoot and holler of the park, said last night: "We've purchased the merry-go-round and also the bumper cars from Mrs. O'Loughlin and are hoping to get a lease from the county to operate them, plus a few other rides for kids. Maybe that would put a spark of life into the park. With the 'no-swimming' edict, activity slowed to a crawl at Ontario Beach this summer."