Former Northampton School for Boys pupil and Northants men's champion Walker and Tolchard looked to be out of it as they trailed by 10-4 and 15-6 at different stages, but the pair launched a stunning fightback to level the score at 16-16.
But in a nervy final end, Tolchard missed the final bowl to leave Wales celebrating victory, and the English pair having to be satisfied with a silver consolation.
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Walker, who is now based in Torquay in Devon, said: “We are disappointed.
"The game was one of those where we went behind but we weren’t really doing a lot wrong, Jarrad played some big bowls and got some maximum results.
“Fair play to us though. We knew if we kept doing what we’re doing, a few minor changes got us back into the game and then at the end, it's about a few inches here or there.
“The schedule is pretty rammed. It’s just go again, there’ll be time to reflect on this later.”
Tolchard added: “We got right back in the game, got back to level.
"Jamie has nailed it, Jarrad has played some unbelievable bowls to squeeze it in the ditch.
“We laid good at the end but unfortunately, I’ve found the hole twice. That’s the way it goes, that’s bowls, today wasn’t our day – congratulations to them.”
Walker begins his campaign for singles glory on Wednesday.
He takes on Jamaica's Robert Simpson in the first round.