My request to all those developers is not to go by that way(specially for new learners). Just take the advantage of ,What feature MS Visual Studio 2010 for SharePoint provides.
Because there are several disadvantage of this ('Save as Template') method. and When it comes for the lists with Parent-Child relationship which includes lookup column it's terrible.
Not only for this post,think of deployment perspective while finalizing any approach for development.
To Develop solution package for Lists With Lookup Columns
A)Create Content Type and Site Columns for Parent List
1)Navigate to any source SharePoint site.
Site action -->Site Settings-->Site Columns Create site column 'Parent Column' with Single line of Text
Now add this site column to Parent Content Type,
to do so,create new Content Type which inherits from List Content Type and add parent column
2)Create Custom List ParentList and Enable management of Content Type of this List(List Settings
-->Allow management Of Content Type
and delete the existing Item Content Type
B)Create Content Type and Site Columns for Child List
Site action -->Site Settings-->Site Columns Create site column 'Foreign Column' with Lookup Type as described in below image