First I would check your QC license, you can only create a template i.e. ''Cross Project Customization'' if you are using an ALM license (Premier in v10) if you have a QC license (Enterprise in v10) this feature is not available.
If you do have an ALM license I would try restarting the QC/ALM service on the server if you have recently updated your license to make sure that the change applied.
An easy way to tell if you have an ALM or a QC license is to go to http://yourqcserv:8080/qcbin/start_a.jsp if it says ''Quality Center'' under ''Application Lifecycle Management'' then you have a Quality Center license and won't be able to create a project template. If it just says ''Application Lifecycle Management'' with nothing underneath then you have an ALM license and you should be able to create a template project.