Wallace co-starred with Mary Martin in the Broadway musical Jennie and was nominated for a New York Drama Critics' Circle Award for playing the male lead in New Girl in Town opposite Gwen Verdon. But today he may be best remembered for playing Commando Cody in the movie serial Radar Men from the Moon.
Wallace was born in New York City. When he was 13 his family moved to McMechen, West Virginia. While still in his teens Wallace worked as a coal miner and also joined the Civilian Conservation Corps.
After leaving the Navy, Wallace worked as a bartender in Hollywood, California. One night gossip columnist Jimmie Fidler was in the bar and heard Wallace singing along with the jukebox for tips. Fidler was impressed with Wallace's voice and introduced him to some contacts at the film studios.
In 1955, on the set of Forbidden Planet, Walter Pidgeon introduced him to Richard Rodgers.
Wallace's Broadway debut was in the Rodgers and Hammerstein musical Pipe Dream, starring the operatic soprano Helen Traubel,
Wallace's next break on Broadway came when he was chosen to replace John Raitt in The Pajama Game when Raitt left the cast to co-star in the film version of the musical. He starred opposite Mary Martin in the 1963 flop Jennie.
While appearing in The Most Happy Fella at the Long Beach Community Music Theatre (a theatre company competing with Long Beach Civic Light Opera) in 1963, Wallace met Jane A. Johnston, whom he later married. The couple later appeared together in road company productions of Company, Kiss Me, Kate, and Funny Girl.
Wallace died at Cedars-Sinai Medical Center in Los Angeles from injuries he sustained during a fall while on vacation in Pisa, Italy.
He was interred at Hollywood Forever Cemetery.