This feature is available in Enterprise and Ultimate editions.
We run a number of very similar projects for varying customers. Is there a way to create a template that can be used to populate a new project?
Yes. You can use the Excel import template to quickly populate a new project with a standard set of work items.
You would first need to create the structure for the project (define the project, release(s), sprints) within Lifecycle, and then use the Excel import template to bring in a standard set of features, tasks, and tests. That Excel template can be reused over and over for new projects.
Refer to Excel Import for additional details.