Jason, we are going through the same issue here.
The current reporting features don’t have any template functionality right now which is a bit disappointing.
I think there is a lot of potential for Sales Template reporting and being able to drill into opens/replies/clicks on those templates. Right now, it seems like the activity feed is the best way to do that, but it is not customizeable in any way.
Also, if you are on the Sales Analytics dashboard, you can export some reports, but once again, the functionality is limited, and if you export a report to a dashboard, you can’t drill in anywhere.