Today there's a big new feature in both the server and the editor, support for plugins.
And there's a new plugin that's part of the release, the template editor.
If you're running your own server, you will have to configure it to run plugins. That's explained in a new doc on the 1999-project site.
Plugins are already installed on my.1999.io. This doc explains how to get access to plugins in the editor, once they are already installed on the server.
You should now see the PlugIns menu with one item in it, Template Editor.
Unless you have access to the server, once you edit the template with the text editor, you will not be able to edit it in the outliner.
It is not reversible.
You can certainly look at the editor, and make changes, but once you click Update, that's it.
Choose Template Editor from the PlugIns menu.
The editor opens. Edit it. When you want to save, click the Update button.
The changes in the template won't be reflected in page renderings until you rebuild them. To test it, edit one of your posts and click Update. View the rendered page. You should see the change at this point.
Versions: Server -- 0.94q, Editor 0.89j.