at Pebble Beach on Saturday to take a three-stroke lead over first-lead leader Mark Calcavecchia and Tom Kite in the First Tee Open.
The 50-year-old Schulz, a two-time PGA Tour winner who has only conditional status on the Champions Tour, had nine birdies — all from 15 feet or closer — and one bogey in the second round to reach 12-under 132.
Calcavecchia, who held a two-stroke over Tom Pernice Jr., after an opening 64 at Del Monte, had a 71 at Pebble Beach. Kite shot a 68, also at Pebble Beach.
"I'm getting in more tournaments than I thought I would," Schulz said. "My game is getting better. I really haven't played much tournament golf and I haven't putted well in the past few weeks, but I putted well the past couple of days."
Schulz, the director of golf at the University of Kentucky, his alma mater, hadn't shot a competitive round as low as 64 since the 1992 Walt Disney World Open. It was also the only other pro tournament in his career he's lead or shared the lead entering the final round.
"I would be a big deal for me to win out here," said Schulz, whose last PGA Tour win was the 1991 Nissan Open. "I really need to do that to stay out here."
Pernice was 8 under after a 70 at Del Monte.
Kite, the 1992 U.S. Open winner at Pebble Beach, birdied two of the last three holes.
"I need to take advantage of the birdie holes," Kite said. "The course is in great shape, but the greens are a little treacherous, so you've got to pay attention."
Two-time defending champion Jeff Sluman was 5 under after a 71 at Pebble Beach.
The seventh annual event, which pairs 78 Champions Tour players with juniors in a pro-junior division, concludes Sunday at Pebble Beach.