The former Hearts and Rangers defender has watched both players make the highly controversial decision to quit the Tynecastle club to sign on for Ally McCoist's side.
It has led to the duo's ambition being called into question after opting to move down to the Third Division in what many believe is a decision based on money rather than the good of their own careers.
But McPherson has revealed that he too would still have went to the Light Blues had they been in a similar situation when they came calling for him.
McPherson had two stints at the club – a seven-year spell when he came through the ranks as a teenager, and another when he moved back to Rangers from Hearts in 1992 – and he believes that despite the lowly status of the club they remain a massive draw.
Templeton netted twice on his weekend debut against Elgin, but the 23-year-old attracted widespread criticism for going to Rangers, something McPherson has insisted is meaningless.
"The bottom line is that if you are going to play your football at Rangers then you will be turning out before 50,000 supporters every other week when you play at Ibrox," he said.
"Playing in front of a crowd that size means that you need to have an edge to your game, you need to be up for it.
"There is a fair degree of pressure that comes with playing in front of a crowd that size, no matter who the opposition are.
"Some players will be able to cope with that, but not everyone can. If I had been in their shoes this summer, I'd have jumped at the chance to go to Rangers too.
"You can say what you like about where they are playing their football, but the club can only go up. This is not permanent. And Rangers are a world-wide club.
"They are massive. The training facilities are second to none, the stadium is packed out every week and they are still a huge draw."
There has been murmured talk of league reconstruction which would enable Rangers to get back to the top quicker than the slog of getting out of each division before returning to the top flight.
So far there has been nothing to confirm this, although McPherson believes economic reasons will dictate it happens sooner rather than later.
"It will happen, because you can't have Rangers out of the top flight for that long," he said. "I'm sure something will be done because financially the league will suffer if it doesn't happen."
The current crop of Rangers players have been overlooked for international duty since Craig Levein doesn't believe the Third Division tests them enough. McPherson, though, has pointed to the cup-final nature of so many of the games Rangers will play on the road this term and reckons there is little ground for exiling anyone at Ibrox from the national team.
"You have to pick the best players available, but to my mind, the Rangers players have already seen just how tough it is going to be for them when they are on their travels this season," he said.
"It is all well and good saying they are playing in the bottom league, but every week they are facing teams who know this is a massive game for them on a little tight pitch.
"Rangers know that they need to lift it. They won't be able to play within themselves and they will be stretched.
"And if they were good enough before being placed in the Third Division, then they should still be good enough.
"The Third Division isn't the top flight, but if these players are to succeed this season then they will need to produce the goods every week because they are the team everyone wants to beat. Excluding them from the national set-up seems unnecessary."