Is it possible to change or edit the template for an item that is in my inventory? When I click the EDIT option to attempt this, there is not an option within the edit mode to do this? Am I missing something, or can this not be done? Thanks!!
If you edit the template being used by that item from the template workshop and save it with the same name the original had - it will automatically use the updated version.
You do not have to go into the item itself to edit the template being used, just go to the My Account page and click on the Custom Templates link.