There's one issue that you haven't raised, and that's how templates can be maintained - by this I mean the templates, particularly the seed templates, always need to point to the latest Play version, Scala version, sbt version, and there are other dependencies they have such as sbt-web plugins that need to be regularly updated. With the templates in the Play repo, these versions are configured in one place. If they were simply pulled out like the other templates, this maintenance would be manual, tedious, and it would be easy to miss versions. I think there needs to be an automatic solution for this maintenance. This is one of the major reasons that we pulled the templates into the Play repo, so that the templates themselves could be templated.
You'll need to give up having the template builds as part of Plays PR validation if you pull the templates out. If a change is made that requires a change to a template, you won't be able to make the change to the template until the change in Play is merged, otherwise all the other PRs that are testing that template but don't have the changes it needs in Play yet will fail. But you won't be able to merge the change in Play until the template is updated, since PR validation will fail. There is a possible solution - and that is when making such a change, you need to make the change to the templates in a branch, and change the reference from the Play repo to be to that branch, and then after merging it you'll need to merge the change to the templates, and then update the reference in the Play repo back to the original branch. That's a lot of manual tedious work again, especially if there are many templates.
Giving up including templates in PR validation is not that bad if you still include it in some nightly build - the templates rarely change and rarely break, their tests don't test anything very deeply, so there's actually not a lot of value in having them included in PR validation. One solution here is to publish nightly builds of Play, and get each template to do a nightly build against the Play nightlies, there's a service here that allows configuring Travis nightlies:
Travis itself also provides a set of scripts for triggering builds from the command line, and these could be run nightly by AWS Lambda if you need more control. You could also get each template to build Play itself in its validation to ensure it's running against the latest.