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Gill iam, Wallace in Return Meeting Show Ten Rounder On Video Tonight Jersey Heavyweight Rated Favorite Despite Being KO Victim in Previous Scrap By JOHN BAILEY United Press Sports Writer WASHINGTON, D. C, May 11. Bill Gilliam, 10th ranked heavyweight contender, was favored today for his return 10-round fight with unranked but potent Coley Wallace at Turners Arena Wednesday night. Gilliam was a fourth-round knockout victim at the hands of Wallace last year. But Mose Maybin, manager of the Newark, N. J., fighter, contended his charge "has the edge in experience and condition" for this nationally televised match. The fight will be Wallaces first since his loss to former heavyweight champion Ezzard Charles last December. Since the Wallace fight, Charles has been matched for a title fight with heavyweight champion Rocky Marciano. Thought Out of Shape by Some Some fight fans thought Wallace appeared to be out of shape in the Charles bout. Shortly before the fight, Wallace wound up a stint in Hollywood where he portrayed former champion Joe Louis in a film based on the Brown Bombers life story. Gilliam finished his training here with four rounds against a local heavyweight, Kid Saucer, who also will appear on the. Wednesday card. Maybin proclaimed afterward that Gilliam was "in great shape, sharp and strong." Gilliam had been training at Summit, N. J. The Gilliam-Wallace, fight is being sponsored by the circus Saints and Sinners club as a benefit for the Washington Society for Crippled Children. It is not being blacked out locally, part-, ly because of local interest in a 10-round semi-feature that will not be on TV cameras. This bout matches light-heavyweights Eldridge "Tommy" Thompson, a former Marine, and Joe Gannon, one-time Washington policeman.