Unfortunately local templates, while we can convert them to template calls, won't actually work unless the page is flagged as a template in the page's properties. This is easy enough in VaultWiki 4, but it is not something that can be automated by the importer -- now I stop mid-sentence as I solve the problem with the word "easily".
It can be done, provided local template syntax is recognized by the importer and that we store that information until a later step for creating local templates, which would update all local template pages as such.