Editing Live Templates vs installing new theme
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If I want to edit a themes template is it ok just to edit the live php file on the server (including adding new content sections) or do I need to make the changes then install them as a new theme?
If you're using a theme that doesn't ship with the core, this is fine. If you are using plain yogurt or green salad, you should probably copy it to the /themes directory in root instead of /concrete/themes directory because if you ever install a version update your changes will be overwritten.
Lets say if I create editable areas, add content to them then later take those editable areas off the template, what happens to that content? Will this abandoned content affect site performance and is there a way to clean it up?
no, and not really