Golliher leads the way at 9 under, one stroke ahead of Albonetti.
Both gentlemen played in the U.S. Senior Amateur in Eugene, Ore., last month. Golliher advanced to match play after finishing 15th in stroke-play qualifying.
Albonetti also bogeyed No. 1 but added four birdies over his next seven holes. He eagled the par-5 14th and went bogey, birdie, par, birdie to finish his round. Albonetti is in search of his first TGA championship.
Kenny Wilson followed up his opening-round 70 with a 71 on Thursday and sits alone in third place at 3-under.
The two winningest amateur players in state history are tied for fourth. Twenty-time TGA champion Tim Jackson (71-71) and 18-time winner Danny Green (72-70) both sit at 2-under. Green is the defending tournament champion. He won the Tennessee Senior Amateur crown in 2012, 2014 and 2017.
Five more players are in red numbers at 1-under, including: Jeff Golliher (Powell), Craig McElhaney (Nashville), Bryan Rodgers (Knoxville), John Thomas (Knoxville) and Tom Schreiner (Chattanooga).
In the Tennessee Super Senior Championship, Jim Webb carded his second consecutive round of 2-under, 70 to currently sit at 4-under heading into the final round.
He has a two stroke lead over Tony Green (72-70) of Kingsport.
Two-time defending champion Neil Spitalny of Chattanooga currently sits in third place at 1-under after going 70-73.

