Waldorf is at 9-under 135 at Shoal Creek. The Champions Tour rookie also led after two rounds last week in Iowa in the Principal Charity Classic, but closed with 71 to tie for third.
Sluman, the first-round leader, had 71 after matching his best opening round score on the Champions Tour with 65.
Fred Couples, Mark Calcavecchia, Michael Allen and Canadian Rod Spittle were three strokes back. Couples had 71, Calcavecchia and Allen shot 69, and Spittle had 66.
Two-time defending champion Top Lehman was 4-under after 71.
Augusta native Larry Mize 2-under after rounds of 72-70.
LPGA TOUR: In Pittsford, N.Y., Chella Choi shot 5-under-par 67 to take a one-shot lead over Morgan Pressel after the first round of the rain-delayed LPGA Championship.
Choi, who has never won on the LPGA Tour, had five birdies and in a bogey-free front nine to move into the lead and held on in steady rain over her final seven holes.
Brittany Lincicome was tied for third at 69 with Jiyai Shin, while Jessica Korda was another stroke back, tied for fifth with Se Ri Pak.
Defending champion Shanshan Feng, whose caddie is Augusta native Mercer Leftwich III, opened her defense with 74.
EUROPEAN TOUR: In Atzenbrugg, Austria, Joost Luiten shot 4-under-par 68 to take a one-stroke lead into the third round of the Lyoness Open.
Luiten is at 11-under 133. He’s followed by Callum Macaulay (66), Paul Waring (67) and Eduardo de la Riva (69).
Luiten trailed Tom Lewis by two strokes overnight, but the Englishman made five bogeys in his 74.