I need to create a resume in Illustrator that will be used as a template for people to customize. They need to be able to open the resume in Acrobat and edit the text. If I check "Create a PDF Compatible File" when saving it in ai, will they be able to open it and edit the text?
You can recreate the text boxes in Acrobat (just not free reader), so peopel can make edits. Acrobat Reader does not allow you to save only print, so the person editing will need something better than the free version to save.
As the others said, the whole idea is bound to fail. The only way to provide truly "editable" PDFs would be PDF forms, but those need to be designed properly using dynamic data fields in Acrobat or LiveCycle products. Everything else is a hack and will require Acrobat, anyway. PDFs are simply not meant ot be edited in that fashion.
Acrobat Reader does not allow you to save only print, so the person editing will need something better than the free version to save.
After creating the editable text fields in Acrobat, you can "enable" the PDF for Reader extensions. That enables the Save command in Reader. The PDF can then be opened in Reader, edited, and saved with the edits intact.