I thought you were trying to put the value of #read_m into the file name. Are you trying to change the value stored in #read_m? If so, this cannot be done with the template language. It cannot change the db.
One way to accomplish this is while connected search for ondevice:true and #read_m:false. Select all the results and use bulk metadata update to change the value. It also might be possible for the reading list plugin to do something for you.
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