Which product are you using? The VP-Suite has 3 different products. However, I assume you are testing the SDE.
Firstly, yes the SDE does run with Eclipse 3.1… It should work with jdk1.5 however, will not generate jdk1.5 code (the newer stuff).
To install it, you need to have eclipse installed first. I assume the eclipse has been installed into c:\eclipse. The Suite will ask you for the Eclipse/IBM Websphere Studio home directory in which you should enter: c:\eclipse.
I’ve just discuss with our engineers and they said code engineering on JDK 1.5 will be supported within 3 to 4 months. If you have any further questions, please feel free to contact us again.
We will have the Early Access release version soon. I’ll notify you once the feature is ready for the Early Access release. Thank you for your interest in our products.