I’m having the same issue. There is no Templates folder inside of /Library/Application Support/Final Cut Studio/Motion
The only folder in there is “Library” which is full of a bunch of empty subfolders such as “3rd Party Filters” and “Text Styles”
I’m running FCP 7.0.3 on Mac OSX 10.8.3 on a 27″ iMac, 3.4 Ghz i7