Do I understand that I could store the templates wherever I want and the handshake between the two apps would include the file path?
No, templates cannot be stored anywhere — Final Cut only has a few places it will look:
Inside the Application (DO NOT attempt to place a Motion Template file inside the Application package.)
There's a location that can be used that will be available to ALL users. It is not an Apple recommended location, so I won't specify.
Motion Templates *for* Final Cut need to be created as specific project types (Title Generator Effect or Transition).
Regular Motion projects are saved as "Compositions". Compositions can be saved anywhere — it really doesn't matter, but if you don't specify a custom location, they will be saved in /User HOME/Movies/Motion Templates/Compositions/[Category]/
All Templates destined for use in Final Cut will be in /User HOME/Movies/Motion Templates/[Effects Generators Titles or Transitions]/Category/[template name]/
Final Cut will read these template directories and place the templates into the individual "browsers" organized by the Categories it finds.
Motion 5.4 introduced a feature that would allow you to convert Motion Projects into the different template types. Motion 5.2.2 will not have that feature, you will have to try to rebuild your composition projects by copy and pasting their contents into template starter projects.
If you have Final Cut 10.4.6, you can run Motion 5.4.3 and the templates will be compatible and you will have the converting feature available.
You might find this useful:
https://fcpxtemplates.com/installation-faq/
https://fcpxtemplates.com/installing-plugins-for-fcpx/