Raised in Austin, Minnesota, James Faber McNally began swimming competitively at the age of 12 and continued his pursuit of the sport during his military years. He earned a physical education degree from the University of Oklahoma before arriving in Lubbock in 1952, at which time he enrolled at Texas Technological College for a master's degree in physical education. The Lubbock Boys Club hired him for their swim director the same year and here, McNally began working with Dr. Ray Kireilis, coach of the Texas Tech men's swim team, due to the fact that Texas Tech did not yet have its own pool. "There wasn't much of a budget in those days, only about $500 which was used mostly for gas on trips," McNally recalled.

The men's swim team began receiving more support from Texas Tech when it joined the Southwest Conference in 1957 and a new pool was built at the Men's Gym. McNally continued his collaboration with Kireilis and the program strengthened with the inclusion of stronger swim athletes and two small scholarships that were split among the members. Kireilis, who was Head of the Department of Health, Physical Education and Recreation for Men, recommended McNally for appointment as an instructor. The duo's successful partnership resulted in the co-authoring of two swimming textbooks.

In 1959, McNally moved into the position of head coach upon Kireilis's retirement. In addition, he worked as an assistant professor and coached the Lubbock AAU team. He received tenure in 1964 to became an associate professor. The Texas Tech swim team went on to win numerous awards, including four All-Americans. In 1977, McNally fondly boasted of his former athletes, "There are 12 former Tech swimmers who are now high school swimming coaches."

McNally himself was recognized for his contributions to swimming, including being named in 1972 as NCAA Diving Committee Chairman and Master Coach by his peers. He retired on July 15, 1989, and continues to reside in Lubbock, Texas, with his wife, Patsy Reynolds.

Unfortunately due to economics issues, Texas Tech eliminated their men's and women's swimming programs in 1986. On vacation in the Caribbean, Ron Holihan received word that he would be the last coach for the men's swim team. Controversy over the program cuts were particularly noted on the women's side as it marked the second cut in that department in two years, following the elimination of women's softball, and the discharge of 5 staff members.