I was wandering through the wall stenciling section of Michaels and found some metal tearing template sets by Plaid. One was a tag shape, another was a circle, and the third was a heart. They were maybe in the 3" or 4" size range, and consisted of a larger template with a hollow inside, and a smaller template that fits inside the larger one, so it's like you could make a small paper frame using these sets. They also have oval shapes, but these weren't carried at my Michaels.
I was just watching Carol Smith on The Shopping Channel, and one of the layouts they showed used one of the tag templates, but they weren't selling them on TSC. I just thought some of you may be interested, so now you know!