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Yes, there is an SAP-provided purchase order template consisting of a Smart Form and its associated print program. If it is already in your system, you should see it in the drop-down list from within the SmartForms transaction. The name of the form would be something like "/SMB40/MMPO_L" (letter size), "/SMB40/MMPO_A" (A4 size), or possibly "/SMB11/MMPO_L" or "/SMB11/MMPO_A."
The template download is free, but it is not always easy to locate or install (its path has changed over time). In addition, there are different versions of this form, so you'll want to choose the one that fits your environment. Your SAP Basis team will likely need to assist in the installation as well.
Is it worth the hassle? Given the potential time saved, I'd argue that it is worth starting with SAP's version -- this is a challenging form to build from scratch. Incidentally, along with this form you'll receive several other Smart Form templates as well, and other objects which you may not ever use.
Currently, I believe the best place to start is at SAP Best Practices Baseline packages -- Based on SAP ECC 6.00. Good luck!
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