Lietzke birdied four of the first five holes before running into trouble on the par-4 6th. His chip left him with a 12-foot bogey putt which he holed. He countered with a birdie on the following hole.
'Lot of opportunities out there,' said Lietzke. 'I took advantage of some of them.'
Wadkins' played his 17th consecutive round under par but the Long Island Classic winner got off to a shaky start by three-putting on both the par-4 2nd and the par-3 3rd. Wadkins responded by sinking a 30-footer for birdie on the following hole.
He added five more birdies on his round for his share of the lead.
'I've been playing pretty solid,' he said. 'I'm hitting a lot of greens and a lot of fairways.'
Overton, who has never posted a top-10 finish on the Senior Tour, began the day at 6-under, one stroke behind first-round leader Larry Nelson. On the par-5 4th, he hit his 3-wood 255 yards to within one foot of the hole. He tapped in for eagle to make the turn at minus-eight.
He dropped a shot at the par-4 11th but added two more birdies to close out the round in a tie for first.
'I didn't putt well today,' said Overton. 'Simply because my swing wasn't right. I got away with a poor driving round.'
Prior to the 13th hole, Nelson had opened a four-stroke lead over his closest challengers. He was carrying a stretch of four consecutive birdies before finding a terrible break on the par-4 13th.
Nelson was informed by officials that he had not notified them that he was hitting provisional.
'My advice to anyone in the future is to tell anyone they're hitting provisional,' he said.
After the penalties Nelson recorded a 10 for the hole on his scorecard.
'I don't know who to be mad at,' he said. 'It took me about three holes to get back. Good news, I'm only one shot behind.'
Overton expressed compassion for Nelson, for his miserable 13th hole.
'No telling where Larry would be if he didn't have misfortune at 13,' Overton said.
John Schroeder posted the low score of the day with his 65. He joined Gary McCord (68) and Bruce Fleisher (70) at 7-under 137.
Full-field scores from the SAS Championship