If your goal is useful documentation, I wouldn't spend too much time with the text versions of the models. Even if Datawatch provides the model structure, these model text files are very obscure, but they would be handy to confirm, for example, that a numeric field is set as numeric instead of character.
What you really need is a way to effectively present what the model is doing and how it works, in a format that allows others to understand it without spending a lot of extra time.
We've been using a combination of narratives, report examples, output examples, and screen shots of the templates. The PrtScrn key copies a picture of the entire screen. Alt-PrtScrn captures only the active window. So you can size the Monarch window down to display only the relevant area when you're in "edit template".
Use the narrative to describe how the trap works, and which fields are captured. Open a representative report, go to edit template, Alt-PrtScrn, then paste the picture into your document.
Be sure to include the use of Template > Verify.
And confirm that the totals from your model output tie to the report totals.
Also, the Field List feature will be helpful.
From the Table view, click on: Edit -> Field List.
Use the Field List dialog to view or modify the properties of all fields included the Monarch table. This dialog is especially helpful for naming fields or for setting field properties for a series of fields to modify a template or to match field names and properties to an existing database when exporting data.