Is there a way to change or create a new scheme (banding) by elevation? For eg. I would like to use only a range of grey no other colors.
Right click on the TIN Surface - select surface properties. Go to the Analysis Tab, and for the Analysis Type, click on Elevations. For Ranges, select how many bands you want and click the little down arrow. You can change the colours of each band and sizing of each band under the range details.
But if I wanted this colour scheeme to be a 'fixed' feature for all of my projects, how could I save this colour scheme as a template?
I don't believe you can. I've spent some time trying to do the same thing and come up with nothing. It's definitely a short-coming.