The VE project is a fairly easy drop-in to use along side MyEclipse right now (don’t install the extra EMF/GEF requirements from VE, it will break MyEclipse because we already ship them).
But we are still evaluating a good position to put this functionality into. Hopefully the 1.2 release of VE will be a more appropriate release stage for us to look at on the Eclipse 3.2 platform to do something like this.