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It would be handy to have a ${project.classpath} variable so that it would be easy to run tools that need to reference classes on the project classpath (for JavaProjects).
The classpath is defined by JDT and is not known to the external tools support. JDT would have to contribute this variable (and external tools would have to have an extension point to allow this). See comments in bug 21914.
New external tool rework has extension point for defining new variables. Note: new external tool work is not yet released to the head stream and won't for a while yet.