I was trying to switch my application monitors over from the baselines to static values because the baselines were not working well. I edited the template just fine using bulk edits (my application template has over a dozen components).
When I go to edit the application monitors themselves to inherit from the template though, there is no way to edit the components to inherit from template.
Notice how if you expand the individual components you can inherit from the template:

But if you select the components with the checkboxes and select "MULTI EDIT" there is no way to do the same:

This would be a welcomed feature. Yes, I know I could delete the application monitor & re-create it again from template but then I'd lose all the accumulated data and metrics - valuable information.