Custom item titles based on other attributes values and automatic titling of an item to the current date is supported as mentioned by $bill.
Another way to title the item with the current date is via [i]Edit | Insert Date+Time[i] (Alt+Z) in the tree (use Tools | Options | Miscellaneous | Insert Date/Time As to control the format), or after inserting an item use Item | Rename To | Date.
The variable substitution of attributes in the template text is a good idea which we'll add to the request list (seems to have been overlooked when first suggested by nil).
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