Templates cannot be restricted per item. The user will see any templates that his role(s) have access. The default template for this user will be selected or used - it depends on how the user created the new item.
No, on OVSD 5 the list cannot be restricted per item either. However the sd_dataform equivalent of OVSD5 permits use of template for new item.
The sad thing is that this can be done on OVSD 4.5 (sd_dataform.bat) also (provided that is run on special way, not for public!!!) but thing is that the ability is there and with little tweaking HP could offer it.