Their chances appeared to have been dented when they drew the outside two barriers for the 2700m mobile Cup but trainer Reid believes the small field and the pair being out there together could help.
"I can see the leaders going hard early and then settling and eventually Franco Emirate and our fella will have to go around the field," said Reid.
"I don't think that is a bad thing in these big staying races, doing nothing early then getting handy at the bell.
"And at least having Franco Emirate drawn wide, too, means he might be in the same boat.
"It would be a lot harder for us if all the other favourites were drawn well and we were out wide by ourselves."
Franco Emirate is the one rival Reid would love Gold Ace to get a drag home on because he is a natural stayer who can sustain a long run - in other words, the perfect horse to follow.
Gold Ace has had a luckless summer, rarely finding himself in the right place and the right form at the right time since a winning feature-race double in Perth in November.
But Reid and his owners, who turned down a A$1 million offer for the stallion, can take heart from last Friday's Interdom Final won by I'm Themightyquinn, whose trainer Gary Hall rates Gold Ace as potentially Australasia's next great pacer.
Hall was the caretaker trainer of Gold Ace for that Perth trip and Reid says the 4-year-old is approaching that form again.
"I couldn't be happier with where he is going into Friday now," says Reid.
"He has come through last week great and while it won't be an easy race because he is still a baby in open class I think he will get his chance."
Gold Ace is rated a $5 chance by the TAB bookies but looks set to drift in a compressed market headed by Sir Lincoln.
He is the $3.60 favourite ahead of Terror To Love at $4 and Pembrook Benny, who remarkably is a $4.50 chance after being $21 in last Friday's Free-For-All.
Smolda's second-line draw has done little to see him budge from redhot favouritism for the Woodlands Derby on Friday night.
The TAB took plenty of money on him before last Friday's preludes and even though he only just won he is too much of a liability to take much more so opened at $1.80 in final field betting yesterday.
That has pushed key rivals Ideal Scott ($6.50), Fly Like An Eagle ($7.50) and Australian visitor Scandalman ($8) to attractive odds.
Meanwhile, I Can Doosit has been handed a 40m handicap, giving 15m to Sovereignty and Raydon, in the City Of Sails Trot.
