Can Templates refence items in a list, and have details auto update?

I have set up an Item list where I am creating the items I want to bring into my templates. For example, concrete material for a slab on grade takeoff. The concrete material is an item in the list "Slab on grade Materials". If I add this item to my Takeoff " 6" Slab on Grade" Template, it would be nice if any changes I make to the list item auto populate into the template item. So, if I update the unit price of the Item List, or change the formula, etc. The change will auto reflect in the template. To be sure, these changes should never affect actual takeoff's already performed, that could be disastrous. But at the template level it seems that could update so the next time it is used the values would be current.

Right now, if I make a change to the List Item, it won't take affect until I delete and bring it into the Take-off Template again.

I hope that makes sense.

Thank you!