Templates are just that - predefined settings or group of settings options (like you can select 1024 or 2048 bit key length, but not 512) for issuing certificates. It will define what key usages to apply, the validity period of the issued cert, and so forth. Normally these would be used for issuing certs to the end user or computer, not for CA servers.
In your case you would want to use the registry settings and renew.