[adengler]

Here are the general steps (from memory)

Create a New Part doc.
Select Options menu, then Document tab
Click Units, change to IPS
Close Options
Select SAVE AS in the File menu
Enter name of your Part template
Select "Save As Template"
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To create an Assembly Template, start with a new assembly file and follow the same steps as above. The new templates will be available in the Templates tab of the New Part/Assembly window.