When play was suspended at 1:34pm at the Horizon Hills Golf and Country Club in Nusajaya, Lipsky was eight under par having played 16 holes - and his tee shot at the par-3 eighth hole has just landed within two feet of the pin.
With no sign of improvement, play was later abandoned for the day with 84 golfers still to complete their rounds.
Australian Unho Park was able to complete a round of 65 to sit second while Korean-American Kevin Na's 66 saw him occupy third spot.
“I had a two-footer for birdie and I was looking to make that and finish the round strong," said Lipsky.
"I just made like three pars in a row before the delay so it didn’t stop any momentum."
Play will resume at 7.15am on Friday local time.
"I would have preferred to sleep in but you can’t do anything about these weather conditions," Lipsky, who won his maiden Asian Tour title in Cambodia earlier this year, added.
Park is looking to securing his Asian Tour card for next season.
"I’m still trying to keep my card, that’s the focus. If I’m up there on the last day then it will be fantastic but right now, it will be a bonus if I can be inside the top 60."
He is currently 66th in the rankings.
Na finished tied for 36th in Thailand last week after a long journey from the US.
“I was very pleased with how I played. I played very solid with seven birdies and only one bogey. I putted great and hit the ball good,” he said.
“I got a good practice in Thailand. It was a long commute for me and got a little sick. I’ve got over that and I’m feeling better and better. Hopefully I can get it low and see where I am."
Asian Tour Order of Merit contenders Thaworn Wiratchant and Marcus Fraser are one-under after 17 holes.