Woods, seeking his 80th PGA Tour win, looked at ease all day at Copperhead, his sole blemish coming at the demanding par-three 13th when his tee-shot sailed over the green and to an unpromising position from which he did well to make four.
In typical fashion, Woods' response to that bogey was to hit the par-five 14th green in two for the simplest of birdies and, with a string of pars to see out the round, he enters Sunday as one of four key players set to battle it out for the title.
"We had a good time," said Woods. "I played well and the people really got entertained today.
"I've played myself right there in contention. It'll be a fun Sunday."
Also in the mix are Justin Rose () and Brandt Snedeker (), tied with Woods on eight-under and just one shot off the pace set by Conners.
Rose was delighted with his putter in a sublime 66, whose highlight was a hole-out eagle from 120 yards at the par-five 11th. From there, the former US Open champion was able to pick up two further shots before saving par at the last to earn a place in the final group alongside the impressive Conners.
Snedeker fell two back of Woods after a bogey at the 10th hole, but birdies at 14 and 16 saw him move back alongside his playing partner and the pair will again tee-off together on Sunday.
All eyes will of course be on Woods, who seeks to follow old sparring partner Phil Mickelson into the winners' circle and add a further layer of intrigue to the Masters, which is now less than a month away.
A last-hole bogey failed to take the gloss off a superb performance from Tiger Woods as the former world number one continued to impress on the latest leg of his comeback in the Valspar Championship.
Woods showed flashes of his brilliant best in an opening 70 in what is just his fourth PGA Tour event since undergoing spinal fusion surgery - his fourth back operation in three years - last April.
The 14-time major winner surged to the top of the leaderboard for the first time since August 2015 before ending the second round in a tie for second, two shots behind leader Corey Conners.
A two-putt par at the demanding 18th meant Woods had conquered the course's most demanding stretch - dubbed the 'Snake Pit' - in one-under, the score on which he ended an entertaining first round.
"It was really brutal out there," said Woods, referring to the Florida winds which swept across the course.
"I'm still working on it, I'm getting a little bit better, piece by piece. This was a very good test.
"I'm revved up. I love competing, I love mixing up with these guys. Today was a tough day for everyone."
Conners leads the way despite a bogey at his final hole, while Ben Coley's 150/1 tip Nick Watney is among a three-way tie for second, one shot back, after he carded the best round of the afternoon.
Scotland's Russell Knox was a further shot back after carding 69, while there were signs of encouragement for Luke Donald in a bogey-free 70 which was matched by compatriots Paul Casey and Justin Rose.
Rory McIlroy was three-over through five and ended on that score in a scrappy round of 74, two shots better than Jordan Spieth whose opening 76 was his worst first-round score since this event last year.