Yes, the current version does not cache the templates and I have fixed that. Currently the project is a mess in development and I'm trying to clean it up and release a new version which will fix a ton of bugs and add some features.
As far as limiting the power, they only have access to the tools that they'd have in the "Thread Tools" popup menu. Do you want to prevent them from using inline moderation all together?
And don't forget to click install

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