"I really wanted to play. I was all geared up," said Faldo, whose only other Champions Tour starts came in the Senior British Open. "I want to play good golf, but I can't play with one arm."
The 54-year-old Cochran, the 2010 winner, had an eagle and five birdies for a back-nine 30.
"To have a par 37 and shoot 7-under par on nine holes, you know you're doing some good things," Cochran said. "But the thing is this golf course, when people get it going, there are a lot of mid-irons, some short irons in there, and if you play good solid the tougher holes good solid golf, then there's some birdie opportunities out there."
Defending champion Bernhard Langer was a stroke back along with Kirk Triplett, Mike Goodes, Michael Allen and David Frost. Triplett is coming off a successful title defense two weeks ago in the First Tee Open at Pebble Beach.
Perry opened with a 68. The Charles Schwab Cup points leader, Perry won the Senior Players Championship and U.S. Senior Open in consecutive tour starts this summer. He won the 2011 event for his first Champions Tour title.