Hi
Interesting. It is possible to Save As a template for Excel (xlt) and for the presentation one but just not for Word.
It is possible to save as an OpenDocument Format template and MS Office 2007 and 2010 claims to be able to read ODFs. Sadly they can only read the older versions. To make LO use the older formats try
Tools - Options - +Load/Save - General
In the middle change the drop-down from
"1.2 Extended (recommended)" to
"1.0/1.1"
It might work but it might not. It's still very possible that MS Office might move pictures/logos around a bit and perhaps other things too.
So, the answer really is no imo.
Regards from
Tom