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Design template
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Sorry, maybe I'm misunderstanding the question. Yes that is possible, simply create the products that way, with a text field for the name and colors to choose from. You can also take a look at fpd plus, which should make this a little easier to do for customers on the front end, here are the demos: http://fancyproductdesigner.com/plus/
Kasper
Is there a way customers can select a pre build design so they only have to change for example the name and product color?