In ProSelect v2012r2 (released in October 2012) and newer, the software supports unlimited Template Categories each holding unlimited Template Groups each with unlimited templates.
This is done using the Template Manager, making organizing your templates as simple as drag & drop. Add/remove/rename Categories, Groups & Templates, sort and preview all in this window (under Templates menu).
FOR PREVIOUS VERSIONS
In ProSelect v2011r2 you can do the following along with the functionality for 2011r1 and older (see below):
Re-arrange the display order of your template groups
Use Edit Template Groups (under the Templates menu) and drag a template group name into a new position in the list.
With ProSelect v2011r1 and earlier you can do the following to help you re-arrange your templates:
Change the name of your template group
Use Edit Template Group names (under the Templates menu) to rename any of your template groups.
Move one or more selected templates into another group
While in Working with Layouts mode and Thumbnail View (in right hand menu), select the templates then use Move Selected Templates to... (under Templates menu).
Delete one of more selected templates
While in Working with Layouts mode and Thumbnail View (in right hand menu), select the templates then use Delete Selected Templates... (under Templates menu).
KnowledgeBase Article: Managing Templates