@nimodi the live templates are simply a set of pre-written code snippets that can help you to speed up your development. You know how we can type sout and press tab to get "System.out.println()" ?
These are the same. They are written specially for OpenMRS developers.
Being simple code snippets, the live templates do not affect running the program. Personally, I run the OpenMRS server with the SDK and set whatever modules I am developing as "watched".
But for building the standalone server, I'd suggest doing a maven clean install and running the built war or jar file on a Tomcat server.