Haha not to my knowledge… I just tried to dig up some theories or info to counter with, and the internet is pretty unhelpful on this topic, but I discovered two things.

1. His Wikipedia entry says he was credited for his debut on “The Symphony” as Master Layze.  I’ve never seen him called that anywhere before, ever, and it may just be a prank. I’ve got In Control vol.1 on cassette and vinyl, and he’s called Master Ace (not yet Masta Ace) all over it.  I don’t have the Symphony 12” so I guess it could be different there?  If anyone has an OG pressing, or has seen one, let me know!
2. From 1982 to 1989, Toyota produced a van called the MasterAce.  It was only called that in Japan, though - in Europe it was the Space Cruiser (!!) and in North America it was simply Toyota Van.  Possibly because of the “master race” homonym problem in English-speaking countries?  Seems like a clear-cut case of homonymphobia.

Anyway, he’s pretty accessible on Twitter.  You could probably ask him where the name comes from.  I’m glad you asked me though, because it gives me a chance to post this on a Saturday (“it’s Saturday, the heat might smother you!”):