I'm somewhat new to handicapping myself, but I think I can answer you.
When looking at a race, pace and speed are two separate facets. Pace deals with how fast the early to middle portions of the race are run. In a 6 furlong $5000 claimer at Philly Park, a normal 1st quarter mile fraction is run in about 22 3/5 seconds. However, if 6f race for 5k claimers is run today and the first quarter is run in 22 seconds flat, that is a fast pace. You can assume that whoever is running in the front is in over their heads because they are burning up a lot of energy setting such a quick fraction. Conversely, if the 1st quarter is run in 23 2/5, the pace setter should have enough left in the tank to finish in front. Of course, what may look like a fast or slow pace may be affected by the condition of the track.
If you look at a race and see that 2 or 3 (or more) horses like to run on the lead at the distance, there will likely be a battle for the lead, and they will probably tire each other out. A closer, who will have been plodding along behind them, watching it all happen can then pass by these tired horses.
Speed is how fast the full race is run. The pace of the race will affect the final time of the race, so speed is somewhat dependent on pace.
When the announcer on TVG said that the Bluegrass had no pace, he meant that the first fractions were run in a slow time. The horses in the front were cruising along without using up much energy. When they came around the far turn for home, the closers were not able to pass tired horses easily because of this.
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