After much fiddling, I did eventually figure it out. On a blank line, you type "fbc" then hit tab. That gets you this:
(|) findViewById(R.id.);
with a red cursor placed at the "|". You enter the object type, possibly using tab or enter to autocomplete. You might need to hit tab or enter again after that to move onto the next field:
(EditText) findViewById(R.id.|);
Repeat for the ID. That gets you this:
(EditText) findViewById(R.id.m)|;
The whole line will be underlined because it is an expression and not a statement. Any time you have a line with an expression on it by itself, though, you can hit Alt-Enter, then Enter again to select "Introduce Local Variable" and assign the expression to a new variable, thus making a statement:
EditText |viewById| = (EditText) findViewById(R.id.m);
It generates a new variable name automatically. If you're fine with it, just hit enter to finalise. If you want a different variable name, start typing the new variable name before hitting enter. Their variable name will automatically be replaced, giving the final result:
EditText e = (EditText) findViewById(R.id.m);|
And that's how you use the "fbc" live template! IMO, this should be a part of every Android tutorial.
Edit: I later realised the fbc template was poorly made and it's far easier just to fix it, going into the settings and replacing its template text with this:
$cast$ $var$ = ($cast$) findViewById(R.id.$resId$);
That does the whole thing all at once. It just looks a little weird until after the values are filled in.