Kathie Lee Gifford, 47, has reportedly been banned from the set of “Live With Regis” so that the show can have some “physical and commercial separation” from the former co-star, according to Tom Kane, president and general manager of WABC-TV in New York. Executives claim Gifford’s presence is distracting to the guest hosts who have been working with host Regis Philbin, 69. Gifford, who left the show on July 28 after 15 years, sang a song on the “Today” show last Friday, and told host Matt Lauer that she wouldn’t be singing for Regis any time soon because “I think they got a little angry when we booked the ‘Today’ show so soon.” “Today” directly competes with her former show. Neither Michael Gelman, Regis’s executive producer, nor Gifford would comment Thursday about the matter.