Is it possible to have paragraph text as an After Effects template (in Premiere Pro)?
Just to sync our watches: Both point text and paragraph text have the potential to be either single or multiline.

If you create multi-line text using so-called point text like this (ie, single-click of the Text tool, w/ multiple lines created by hitting the return key) ...



..then Premiere will display the multiple lines like this:



On the other hand, if you create multi-line text using so-called paragraph text like this (ie, click-drag a rectanglar area with the Text tool, w/ multiple lines created by hitting return key or word-wrapping) ...



..then Premiere will display editable fields like this:



So basically Premiere will add additional editable text fields whenever it sees linebreak characters in your text, whether it's point text or paragraph text. Hopefully that helps!