Yes it is.
Eclipse lets you define your own exportable code style which you can share among all your developers. If you don't want to setup your own formatting style, you may tell your developers to use Eclipse's default formatting. Even if you use the default one, I would advise you to export it and put it on a shared network drive for all developers to use. If later one, you decide to change one thing, you'll be able to easily.
Regardless, I would advise you to start as soon as possible, the best would be at the beginning of the project, and to keep your code always formatted to your chosen format. You'll want to avoid having pure "format commits" during the development because it's hard then to distinguish from "real" commits. What it means in practice is that developers should be rigorous with their commits.
Also, and I put it at the end because it is only my personal opinion, but consider removing the 80 characters per line limit (or extend it to something bigger, we have 120 characters here) which is, if I'm not mistaken the default auto-formatting line-length on Eclipse. We now all have big screens and big screen resolutions so it's ok. On that subject, check out the Is the 80-character limit still relevant in times of widescreen monitors question and answers, you may then be able to make your own decision.
Edit: Thorbjørn makes a good point about the "Format every time a file is saved" functionality.