Could the live template macro reference a specific page (in a specified space) rather than a space or global template? This would address a few common issues with live templates:
Version history - templates offer no way to restore old versions or see what's changed over time
Permissions - global templates are good to use but you need to be a site admin to have access to them
Clutter - live templates show up in the Create... dialog. Often you don't want them there
Mike Kalnicki
