The best I can come up with at the moment is to save the launch
configurations as files using the "Run Configurations..." dialogue (there
is an option in the Common tab). This makes it slightly easier for me to
get my programs running and also allows me to share the configurations
with other members of the my team.
It occurs to me that it would be quite a nice project to write a "Compound
launcher" plug-in that allowed you to define a single launcher that
pointed to other launchers.