It certainly can be done without too much headache. First off, know this -
72 pt font is equal to 1 inch. Measure the spacing of your lines on your
paper. Let's say it is 3/8 inch. That would equate to about 28 pt font.
if your actual font size is 12 points, you have 16 points to add to the
spacing in between lines of a paragraph.
Determine the top and bottom margins, open Word, set those margins, click
"Format", "paragraph" and on the "Lines and Spacing" TAB set the "Line
Spacing" to "Exactly - 28 pt".
Once you have it just the way you want, click "File", "Save as", change the
"Save as type" dropdown to "Document template", give it a name (like Lined
Template), close it out.
To use, open Word, click "File", "New", click "General templates", and
select your new template.