Found a problem with the check to determine if a transformation was externally changed for new projects that only affect parameterized templates. Since we don't have to edit a step when parameters are in play the transformation metadata hasn't been loaded into the session and there's nothing to check for changes against. This leads to a NPE.
To validate, edit one of the templates to add a parameter. Create a new Instaview against that template and use a valid parameter value. You should be able to run the Instaview and have it complete successfully.