Winless in 46 starts on the 50-and-over tour, the 52-year-old Glasson had a 13-under 131 total. He won seven times on the PGA Tour in an injury-plagued career marked by more than 20 surgeries.
Glasson birdied three of the last five holes after dropping a shot on the par-4 13th.
"Finishing the way I did is going to help tomorrow," he said. "I need to hit some fairways. That's my thing. My irons have kept me in the ballgame. My driver, she's not liking me right now. We're having a little war. So, we'll see who wins that battle."
First-round leader Peter Senior and Mark McNulty were tied for second.
Senior followed his opening 65 with a 70. The 53-year-old Australian is winless in 65 starts in three seasons on the senior tour. He has five runner-up finishes, losing three playoffs.
"I scraped around," Senior said. "The secret to this course is you have to come from the fairway. If you put yourself in the right position, you can make a lot of birdies.
McNulty shot a 68. He has eight tour victories.
"Two goods scores, so I'm happy," McNulty said. "Obviously, I can't control what anybody else is doing. I'm going to need a good round tomorrow to have a crack at it."
David Frost, Corey Pavin and Willie Wood were 8 under. Frost and Pavin shot 67, and Wood had a 68.
Mark O'Meara and Dick Mast followed at 7 under. O'Meara had a 67, and Mast shot 68.
Charles Schwab Cup points leader Tom Lehman had a 70 to top the group at 6 under.
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