The Template Tool will occasionally fail to launch due to corruption of the saved preferences.  If this happens the best bet is to delete the affected file, TemplateTool.xml, found in the .TemplateTool folder under C:\Users\username.

 

 

Occasionally after a save you may notice that the templates file last modified date fail to update properly.  This can occur if Google Desktop is running and has a lock on the file.  Terminate Google Desktop and the file should then save normally.