Wallace was born as Frank Valicenti, but his family changed their name when he was a youth. During World War II, he was captured by the Germans and spent sixteen months in a prisoner of war camp. After returning to St. Louis, he played with Raftery during the 1945-1946 season. He was the third leading scorer in the St. Louis Major League during the 1947-1948 season while playing with Steamfitters. He later spent ten seasons with St. Louis Simpkins-Ford.