Yes, it should work OK, just prepare a worksheet that is formatted how you want, with row or column headers, formulas etc., and save it with your template filename. Provide the path of that file to the Open method, and update only the cells necessary, and when you use the Close method use a different filename from a front panel control or auto-generate it as you suggested.
There is an example that ships with LabVIEW (should be in the examples section), Write Table to XL.vi - this has a lot of the code you might need, in this case it creates a new workbook in the Open New Workbook sub-VI - instead of the Workbooks.Add method, right click the invoke node and from the methods menu, choose Open, you should then be able to specify the filename for you
r template. Good luck, I hope this helps you out.