Simply draw a level line and place the template on the wall where you want the plaque, bike rack, wall hanger or any of Wild Woodworker's keyhole mounted items. Then mark the holes at the designed spots on the template.
Place the screws at the market spots.
Then adjust the screws until you can just snuggly slide the item over the screws. Just so it's tight against the wall without any wabbling, but not to tight that you pull the screws out of the wall.