Absolute means it has to be full path whereas relative means the file name only and it would look for them in the current location w.r.t to corresponding file (Absolute vs. Relative Paths )
I don't think it can be set up with the template but yes might be possible with a macro. The users can run the macro on every new/old file.
You can do this with Acrobat Professional from the PDF file. Though another way might be to use the Design Binder from SW. You can attach files of any type to a drawing, part or assembly file, link during the attachment process. They will Pack&Go and zip together, however files sizes grow. Just right-click on the Design Binder.
Thank you for the replies and information on relative/absolute links. I was understanding it correctly then. Suppose I could have looked it up a little more on my own.
We currently have somewhat limited drive space so I want to keep file sizes as small as possible. If we decide this functionality is critcal I may try the macro method.