Nuclear spin exchange occurs in ultracold collisions of fermionic alkaline-earth-like atoms due to a difference between s- and p-wave phase shifts. We study the use of an optical Feshbach resonance, excited on the \({}^1S_0 \to {}^3P_1\) intercombination line of \({}^{171}\)Yb, to affect a large modification of the s-wave scattering phase shift, and thereby optically mediate nuclear exchange forces. We perform a full multichannel calculation of the photoassociation resonances and wave functions and from these calculate the real and imaginary parts of the scattering length. As a figure of merit of this interaction, we estimate the fidelity to implement a \(\sqrt{SWAP}\) entangling quantum logic gate for two atoms trapped in the same well of an optical lattice. For moderate parameters one can achieve a gate fidelity of \(\sim95% \) in a time of \(\sim 50 \mu\)s.