Smith stands at 9-under, one shot clear of John Jacobs. Last weeks winner Bruce Lietzke, Howard Twitty and Bobby Walzel each opened in 7-under 65.
Smith, who turns 51 on Aug. 25, played the PGA Tour from 1973-1998, with his best finish coming as a runner-up at the 1985 Las Vegas Invitational. He earned his best Senior finish by tying for third at this years NFL Golf Classic.
Friday, Smith torched the Park Meadows Country Club to the tune of two eagles and five birdies.
The Florida resident stuck a 4-wood to two feet for eagle at the par-5 5th and then holed a pitching wedge from 110 yards for another eagle at the par-4 10th.
It didnt feel like I was going to shoot 63, said Smith. I just got off to a great start and got it rolling from there.
Smith's 63 was one off the course record, set by Dana Quigley in 1999.
Full-field scores from the Novell Utah Showdown