Within an individual entry item I am able to rename, delete, add, and reorder fields but when I add a new entry to the category I am back to square one. I would like to be able to edit the entire category template so that every new entry is in the same format. Is there a way to do this?

So, I sort of answered my own question :

I created a half-assed template by creating a new entry, rearranging the fields to my liking, and adding a single character to the title in order to enable it to be saved. Then, when I need to create a new entry, I right click and 'Duplicate' to reproduce the "template". This works only with manually added records of course.

I wish I could just right click on a Category name and have some options to delete, edit, rename, etc.

I guess the developers are too busy with their day jobs to respond to something so obvious.