>From my example, if I find a string say "MyLib" in the [C:\xxx\yyy\zzz\ClassLibName], I would like the path spec to be replaced with "pPATH", that means the insertion will become:
>
>oObjName=NEWOBJECT([ClassName], pPATH + [ClassLibName])

You can create an UDF to do that (say TBX_ChangeClasslib()) and change template to

<<objectname>>=NEWOBJECT("<<classname>>", "<<TBX_ChangeClasslib(classlib)>>")