After missing two straight cuts in his return from a wrist injury, Im posted a two-under 69 to get to nine-under 133 - a stroke ahead of Lipsky. On Thursday morning, Im had two eagles in a 64 for a one-shot advantage over Brandt Snedeker.
On Friday, Im had three bogeys and two birdies in a front-nine 37, then birdied the par-5 11th and par-4 12th. He broke a tie for the lead with a seven-foot birdie putt on the par-3 17th.
"I want to really focus and be patient because I have a chance this weekend." Im said. "This weekend, I think the winds are going to blow and the greens are going to get more firm."
The 27-year-old South Korean player has two PGA Tour victories, the 2020 Honda Classic and 2021 Shriners Children's Open.
Lipsky had a 65, playing in the first group of the day off the first tee. Winless on the PGA Tour, he birdied the first two holes and four of the the first six, added two more on 10 and 11 and parred the final seven.
"It was excellent. I did everything well," Lipsky said. "Missed it in the right spots, holed the putts early on to get some momentum going."
Chandler Blanchet and Doug Ghim were at seven under. Blanchet closed with a bogey for a 66. Ghim shot 67, making an eagle on the par-5 11th, then giving back the strokes with bogeys on 15 and 16.
"Obviously, I wish I would have finished a little bit better," Ghim said. "Two bad holes doesn't really necessarily kind of ruin a good day."
Snedeker had a 72 to drop to five under. The 45-year-old US Presidents Cup captain received a sponsor exemption.
"The good thing is it's playing really tough and tricky this afternoon," Snedeker said. "Try to take a positive from that. Hung in there when things weren't going great."
Jordan Smith (68) was also at five under with Matt Fitzpatrick (69), Marco Penge (68) and Alex Smalley (69).
Fitzpatrick was second last week in The Players Championship.
Brooks Koepka was tied for 10th at four under after a 67 in his return to Innisbrook. He missed a three-foot birdie putt on his final hole.
Defending champion Viktor Hovland missed the cut with rounds of 70 and 75.
Karl Vilips (69, 72) is at one under and the only Australian playing on the weekend with compatriot Cam Davis (10 over) cut.
