Version 0.9 is up and ready to go:
features multiple templates support in a new folder in
~sketchbook/templates/ It will make the folder and a default template the first time you run it. More details about the tool's usage on the site (
http://inittemplatep5.sf.net/ )
You can have as many templates as you like in the /templates/ folder, every time you run the tool it presents you with a drop down dialog, if you just have one template in the folder it will be loaded right away, like the previous versions did all this time :)
I have great news, I have made a little companion tool for InitSketch named SaveTemplate which will allow you to save an edited sketch into the new templates folder in a glimpse, so you'll be able to create and edit your own templates from inside Processing with all the advantages it has, such as syntax highlighting and run testig.
I'll be releasing it tomorrow over here. keep an eye around :D