Solarwinds support assisted with the development of this template. My organization previously successfully used one IP address multiple times with different templates to backup virtual contexts. As this will not be supported in NCM v7 a new method was developed.
1. copy new template to device types directory
2. in template replace context-1, context-2 and so on with actual context names
3. add a new context type for each context in "Config Types" under settings (it helps to relate name back to names used in step 2)
4. manually assign the template after adding node
5. make sure to select the context of interest under download (no longer Running or Startup)
Using this template I was able to create a single job that backs up all contexts.
Note this works in NCM v6.1 but have not tested in v7