VBA to Import and Execute Code from Text File

I know it is possible to do this, but that would require people to lower the security level of their computers to allow this code to be imported and executed.
And yet possibly the installed firewall (if any) might prevent this.

Alternatively and safer you could add a macro to the template which implements the updates based on a set of parameters in a file. And you could send that file to your users.
Have them place it in some directory which the macro reads.
Of course the feasability of this solution depends on the kind of updates to be implemented, but you can do a lot this way.

I assumed you intended to import a complete macro and execute that macro.
Didn't realize that with "code" you meant formulas.

So yes, making a file with the changes and have a macro in the template read it and apply them will work fine.

range("A1").value = strUpdate

Correct code the enter a formula would be:

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I would suggest to make a text file with 2 columns: one with the new formula and one with the cell or cells to put it in. Would make it more flexible if cells with formulas are added.
By example:

Formula............ Range
=SUM(A1:A100) A101 'Puts a new formula in cell A101
=SUM(B1:B100) B101 'Puts a new formula in cell B101

You can extend the columns if more types of changes are required.
Do notice that you need to thoroughly think over what kind of changes you would need to apply as it will be difficult to change the macro.

BTW, why not just redistribute a new version of the template.

I assumed they should be tab delimited

Yes, I would go for tab delimited as recently I experienced Excel (or vba) behaving I bit nutty when using other delimiters.

BTW, when you write that macro, don't forget to have it make a backup of the template before it starts with applying the changes.

I see a lot of issues(not just technical) for you to solve in this project. I'm interested how you're gonna solve those. Do keep me posted.