Is there a way to create new blogs with the same custom templates by default? The ideal situation is that I or another user can create a new blog which will have the same exact templates as the original blog without having to do any configuration each and every time a blog is created. Maybe if the default templates for the blog are edited for the whole system? Is that possible? Any help would be much appreciated.

Make a custom blog, and before you post in it, clone it (System Overview --> Blogs, check the blog you're cloning, pull down "More actions" and select "Clone blog.") call it Clone Blog.

Make all your other blogs this way. After cloning, you'll be prompted to change the path and the name; the templates will all be the same.

Seems pretty straight forward, I'll definitely try this out and let you know what happened. Thanks!