Old Boys, who lie sixth in Division One, led 1-0 at the break, but had to settle for a point as the hosts hit back.
But Louth Town Reserves stayed bottom after a 4-2 defeat at fellow strugglers Grimsby Borough Reserves, Tom Austwick grabbing two goals for the visitors.
In Division Two, Louth Old Boys Reds earned their third win of the campaign as they beat bottom side North Cotes 3-0 at London Road.
Michael Brown, Kyle Hallgarth and Jamie Clarke found the net as Reds climbed up to fifth.
Sutton Rovers drew first blood against Alford Town in their semi-final.
Rovers won the first leg 4-2, despite goals from Corey Lewis and Alex Simpson.
And in Richard Springthorpe and Michael Goy earned Louth Old Boys Vets a 2-1 win at Alford Town Reserves.