Jarrod Lyle, who held a piece of the 36-hole lead with O'Malley, carded an even-par 72 to finish one shot back at 10-under-par 206 at Clearwater Golf Club.
O'Malley jumped out of the gate on Saturday with back-to-back birdies from the first to climb to 12 under. A birdie at the par-4 sixth gave O'Malley a three-shot lead but he fell back to the pack with a bogey at the eighth.
The Australian responded with a birdie at the par-5 10th and made it two in a row with a birdie at the par-3 11th. O'Malley then suffered a costly double bogey at the par-3 16th but remained one shot clear of his closest competitors. The 2002 champion found trouble again at the closing hole, however, and walked away with a late bogey to join the group at 11 under.
'I hit the ball where I wanted to hit it and I felt comfortable all day so I pretty much knew where I'd be,' said O'Malley. 'I'll be happy if the wind picks up again tomorrow, so I'm comfortable with the way things are going.'
Wagner tallied three birdies and a bogey over his first nine holes and added a birdie at the par-5 10th to move to 11 under. The 24-year-old then birdied the par-5 14th and parred his way in for a round of 68.
Gove, a two-time winner on the Nationwide Tour, birdied the first but gave that shot back with a bogey at the seventh. He countered with a birdie at the ninth and kept on rolling with back-to-back birdies starting at the par-4 12th.
The 33-year-old then stumbled to a bogey at the par-4 17th en route to a round of 70.
Brandt Snedeker, Camilo Villegas, Jerry Smith and Kim Felton share fifth place at 9-under-par 207. Troy Matteson, Mahal Pearce, Jaxon Brigman and Steven Jeffress followed at 8-under-par 208.
Former U.S. Amateur champion Ricky Barnes finished in a group at 6-under-par 210.