At 5-under-par through 36 holes, Elliott leads Jason Buha (68) by a shot. First-round leader Jason Hill (71) and Matt Peterson (70) are three shots back at 2-under.
Elliott is a two-time Buy.Com Tour winner (1994 Mississippi Gulf Coast Classic and 1997 Alabama Classic). His best season on the big tour came in 1999, when he earned over $120,000 and finished 182nd on the money list.
The 37-year-old carded a pair of birdies on both the front and back nines Friday en route to a bogey-free round.
Full-field scores from the Buy.Com Steamtwon Classic