In his first round since equalling Augusta National's back-nine scoring record to finish joint-14th on debut last year, Lee is in danger of missing the cut second time around.
His dual major-winning sister Minjee was watching on as Lee overcame an extraordinary four-putt on the third hole on Thursday to claw his way back to level with the card through 11 holes, only to let it slip down the stretch.
He made bogey after finding Rae's Creek on the par-5 13th then a double after also hitting into the water on No.14.
"It was a bit of a bag of emotions, some really good and then some bad," Lee said.
"My whole life I've been trying to get away from those bogeys and doubles but, yeah, a few more birdies tomorrow and it should be okay.
"It's obviously tough out there. It's one of the toughest rounds I've played. I wasn't familiar with some of these pins because there weren't any like that last year. So it was a bit new to me."
The horror four-putt, after a monster drive to the fringe of the 350-yard par-4, was the big talking point of Lee's round.
He was sharing the early lead at that point and, adding to the 24-year-old's woes, his par putt horseshoed around the hole and triggered a run of three successive bogeys.
"I just thought it was a really fast (first) putt and the last thing you want to do is race it that far past, and I just slowed down on it and hit it probably two feet from so it wasn't great," Lee said.
"Then obviously ... it's the Masters, it's a really quick downhill putt and I just missed a short putt. So it gets you quickly. You've got to concentrate on those ones."
Lee played with Australian amateur Harrison Crowe, who also posted a 75 on debut, and veteran former champion Larry Mize in the American's 40th and final Masters.
Crowe said "it was awesome" but resisted the temptation to rib Mize (79) about upstaging him and exacting some small revenge for his famous chip-in playoff victory over Greg Norman 36 years ago.
"It was a lot of fun and cool to share with it with Min Woo. Definitely eased things a little bit, and the first time I met Larry. He's a really great guy," Crowe said.
"I didn't ask him that question (about Norman) but I did mention to Min Woo that it's quite amazing we got two Aussies considering he did beat an Aussie back in the day."
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