Camm, I do this all the time.
Loading a CAM template (or Setup), is very much like importing one part into another part. Except, instead of importing geometry, you are importing the CAM objects. the only other hitch is that the template is used for 2 things, importing the CAM objects when you first select the template, and also setting up the dialog for creating new objects.
If you select an object (group, tool, operation, geometry, method), Right-click -> Object -> Template setting, you'll see 2 check-boxes. "Template" & "Load with Parent".
"Template" makes that object available on the "Create" dialog for that object type.
"Load with Parent" creates that object when you initialize the setup using that template. (enter the Manufacturing module for the first time with that part.)
Does that help?