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I'm intrigued by the idea of a horde of Templars.  I've not yet play tested this list but 2 things should be kept in mind: I don't play in tournies and my most common foes are marines, chaos, and necrons. 

HQ

Master of Sanctity: 3 cenobytes, meltabombs and termie honours 150

Emperor's Champ: Suffer not the unclean 125

Elites

12 Sisters Repentia, 1 Mistress, 1 Priest with carapace and Evicerator 340

Troops

10 Initiates with bp and ccw, 1 pf & 1 flamer, 10 neophytes with bp and ccw 280

10 Initiates with bp and ccw, 1 pf & 1 flamer, 10 neophytes with bp and ccw 280

15 Battle Sisters with 2 storm bolters 175

15 Battle Sisters with 2 storm bolters 175

Fast

2 LS Tornados 160

2 LS Tornados 160

Heavy

1 Vindicator with hunter killer and smoke 143

Comes out to 1998.  I should also mention that I rarely face much in the way of armour so I don't think I need any extra busting.  Though some shuffling good switch the sister's storm bolters for meltaguns.  Let me know what you think.

Being a SOB player, I wonder how you would feel about trading your Repentia with a Seraphim Squad. A maxed out squad of 9 with Inferno Pistols x 2 and VSS with Power sword would only cost 275 pts. I personally prefer my Seraphim squad with 9 with Hand Flamers x 2 and the VSS with Eviserator.

Also with the point difference, think about trading the storm bolters with a Meltagun and Heavy Flamer

Why bother with the Sisters at all? You can make an even more righteous horde using just Templars.

The Repentia are just as expensive as 8 assault terminators with lightning claws.

Well, I included the sisters cause I think they make very flavourful allies for Templars. They're also quite cheap for power armoured bolter weilders. The can that you can max their units to 20 is also useful. It seems like a waste to take a 20 strong Templar bolter unit when half of them are gonna had pistols or shotguns. Thats just me though. I am thinking about replacing the repentia though. I've never used termies very often, they tend to get gunned down quite early on foot. But that would distract for from the rest of the army. Perhaps just 5 assault termies. The chaplain could lead them.

The Terminators (2+ SV, 5+ INV) will survive alot longer than the Repentia (4+ save, strike last in CC with S6 only)