Left-arm seamer Wood, Sheffield-born and schooled in Nottinghamshire, struck twice in two separate overs as the Vikings stumbled to 128 for seven after another son of the Steel City, Joe Root, elected to bat and top-scored with 32.
Lancashire fell from 37 without loss to 64 for five as boundary hitting tested both sides.
Luke Wells, with 30, and Steven Croft shared a recovering 55. Danny Lamb then hit back-to-back boundaries off Matthew Fisher to seal a four-wicket win with an over to spare. Yorkshire came into this having already secured their first quarter-finals appearance since 2016.
Lancashire’s 16-point haul is one more than Yorkshire’s having avenged the defeat at Emerald Headingley earlier this month.
But, with the North Group decided on an average points per completed match basis because of Derbyshire’s Coronavirus issues, the White Rose finish second with a better points average from their 13 games to the Red Rose’s 14.
Unfortunately, due to a clash with the England v India Test Match in late August, they can’t host their quarter-final at Headingley.
And if they are going to claim their maiden Blast title, they will have to reverse some wretched away form - this being their fifth defeat in six on the road.
“We felt at half-time that we were probably 30 runs short. It wasn’t the shirt front of a pitch that it was last night here (Lancashire v Durham).
“Rooty came off said, ‘150 and we’re right in the game’.
“We just couldn’t get one guy in and get going.
“They were obviously going to come hard at us in their power play, which would create opportunities. If we could look to take wickets, be brave with our field and field well, you never know.
“We probably didn’t set the tone up front with the ball.
“It was a good game of cricket. It’s key we reflect on a what’s been a good campaign for us, finishing second in the group having used, I think, 22 or 23 players and had three captains.”