Woosnam's best finish at the event came at the inaugural Wales Open in 2000.
And despite singing Lyle's praises, Woosnam has not completely ruled out taking the reigns again.
The possibility of Woosnam standing again has also been mentioned because of the Welsh venue.
Lyle and Woosnam are both embarking on new careers on the European Seniors Tour.
Winning Ryder Cup captain Ian Woosnam won the merit award for outstanding contribution to Welsh sport.
Welshman Ian Woosnam was up among the leaders before making a triple bogey seven on the sixth.
Wales rugby icon Gareth Edwards and former Ryder Cup skippers Ian Woosnam and Sam Torrance also met the team.
Woosnam is due to make his debut in Barbados next week after more than a year battling post-viral chronic fatigue syndrome.
Montgomerie also took the opportunity to ask Europe's Ryder Cup skipper Ian Woosnam not to overburden Europe's players at the K Club.
Woosnam reiterated that he is looking for his top players to be in-form, and not just pinning their hopes on former glories.
Woosnam and Lyle were playing colleagues in three Ryder Cups during the 1980s before they teamed up for their K Club heroics.
Lyle was part of Europe's "Big Five" generation in the 1980s and 1990s alongside Woosnam, Nick Faldo, Seve Ballesteros and Bernhard Langer.
Ian Woosnam has added his name to the entry list for this year's Wales Open at the Celtic Manor Resort, near Newport (August 8-11).
The call from Ryder Cup captain Ian Woosnam for his big guns to start performing has encouraged a strong turnout from Europe's top players.
Meanwhile, Ryder Cup captain Ian Woosnam, who missed the cut in his first three events, posted a second successive round of 69 to finish six-under.
Faldo lifted the PGA trophy a record four times, Montgomerie, Langer and Alliss are triple champions, while Seve Ballesteros, Tony Jacklin and Ian Woosnam were twice winners.
Since then Seve Ballesteros, Mark James, Sam Torrance, Bernhard Langer, Ian Woosnam and Nick Faldo have all captained Europe once before stepping aside, regardless of the result.
Ian Woosnam will lead the side at the K Club near Dublin next year with Nick Faldo given the honours for the 2008 event at Valhalla in Kentucky.
Woosnam was presented with his award by Darren Clarke, one of Europe's heroes in September's Ryder Cup win over the United States at the K Club, near Dublin.
Europe's Ryder Cup captain Ian Woosnam has already warned that his star names will have to prove their mettle on the European Tour if they expect to be picked.
BBC: SPORT | Golf | European Tour | Bjorn eyes automatic Ryder berth
With this year's Ryder Cup just down the road from Carton House at the K Club, this is an ideal opportunity for some to remind Woosnam of their talents.
Dredge's charge of '07 was the nearest a Welshman has got to getting his hands on the prize, while Price in 2003 and Ian Woosnam in 2001 and 2005 also made concerted efforts.
Meanwhile, Sergio Garcia finished two under, Colin Montgomerie was one under, Bernhard Langer and Justin Rose fired level-par 71s and Ian Woosnam, Jose Maria Olazabal and Darren Clarke signed for 73s.
The 34-year-old is outside the top 10 on either the European or world Ryder Cup ranking list, and as it stands would have to rely on the generosity of Woosnam for a wildcard.
Welshman Woosnam, the 1991 champion, is off in the first group at 0800 (1300 BST), while Woods tees off alongside fellow American Stewart Cink and India's Jeev Milkha Singh at 1352 (1852 BST).
Phil Price was the last Welshman to play in a Ryder Cup - when he helped Europe beat the United States at The Belfry in 2002 - and he followed in the footsteps of fellow Welshmen Ian Woosnam, Brian Huggett, Dai Rees and Dave Thomas to play in the biennial showpiece.
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