It is possible if you use a macro to create the message e.g. as follows. Change the name and path of the template as required.
Code:
Sub CreateMessageFromTemplate()
Dim olItem As Outlook.MailItem
Dim olInsp As Outlook.Inspector
Dim wdDoc As Object
Dim oRng As Object
Dim strName As String
strName = InputBox("Enter First Name")
Set olItem = Application.CreateItemFromTemplate("C:\Path\Test Message.oft")
With olItem
Set olInsp = .GetInspector
Set wdDoc = olInsp.WordEditor
Set oRng = wdDoc.Range
With oRng.Find
Do While .Execute(FindText:="<First name>")
oRng.Text = strName
oRng.collapse 0
Loop
End With
.Display
End With
lbl_Exit:
Set olItem = Nothing
Set olInsp = Nothing
Set wdDoc = Nothing
Set oRng = Nothing
Exit Sub
End Sub