> Why does the template transaction need to be signed in step one and passed 
> back and forth so many times? What is wrong with:

It isn't passed "back and forth so many times".  It works exactly as you 
proposed, with the only difference is in "Step 1" the sender uses a *signed* 
transaction instead of an unsigned one.  This is an important anti-DoS/anti-spy 
tactic, as it proves the sender actually owns those inputs and if the protocol 
is not followed to completion, the transaction can be dumped on the network.
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