North and Colbert, the defending champions of this event, shot 13-under-par 59 in the better-ball format to lead Tommy Aaron and Don Bies, who shot 62.
Paired together with The King and The Bear course designers, Arnold Palmer and Jack Nicklaus, North and Colbert parred their first four holes before birdieing every hole coming in, save the par-3 14th.
To do what we did with Arnie and Jack, its absolutely one of the most memorable rounds Ive ever had, said Colbert.
Palmer and Nicklaus combined to shoot 6-under 66. They are in a four-way tie for 10th place.
Due to a Friday washout, the event has been reduced to 36 holes. Aaron and Bies lead the Legendary division for players 60-69 years old.
In the Demaret division for players over 70, Don January and Gene Littler posted a 27-hole total of 8-under-par 100 to win by five shots over Joe Jimenez and Charlie Sifford. January and Littler collected $19,500 apiece in becoming the first duo to win all three divisions in the tournaments history.
The winners of the Legends division for players 50-59 will split a first-place check of $370,000.
Full-field scores from the Liberty Mutual Legends of Golf