The Australian also collected six birdies but gave shots back with bogeys at the par-three third hole and par-fourth 16th to finish four under.
"It was a little different than Monday through Thursday practice rounds," Lee said. "Greens got way firmer. Some of the downhill putts with the downwind, it was hard to hit.
"But I want to say I wasn't playing like perfect golf. I was out of position a couple times. Whenever I did that, I grinded it out for really good pars and it was good, the whole round."
South Africa's Dean Burmester leads by one stroke after six birdies helped him card a five-under 66 in windy conditions at the Real Club. Eugenio Chacarra, of Spain, is third at three-under.
Only seven of the 54 golfers finished under par. Defending champion Talor Gooch is 10 shots off the pace after a 76.
Burmester said: "Valderrama is someplace, I mean, even in the best of conditions it's tough. IIt was probably one of the best putting rounds I've ever had as a professional.Â
"Just every time I stood over a putt, I just felt like I could make it. You don't get days like that too often - I certainly don't."
Burmester, 35, who claimed his first LIV individual title at Miami in April, made his lone bogey at the par-four 14th hole.
"The wind obviously played its part. It was gusting up to 30-plus km I think today," Burmester said. "It was like playing in a US Open. It was tough and fast and yeah, like I said, I don't know how I shot five-under, to be honest with you."
Burmester's Stinger GC lead the team competition at four-under, two strokes ahead of Sergio Garcia's Fireballs GC.
Garcia, one of the home-country favourites this weekend, shot a two-under 69 and is tied for fourth with Anirban Lahiri of India.
Fellow Spaniard Jon Rahm, still seeking his first LIV individual title, is in a group of eight players tied for 16th at 2-over.
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