I would like to specify a specific Eclipse VM argument to all of the JUnit tests I run from Eclipse i.e.
-Dlog4j.configuration=log4j-dev.propert
Eclipse gives you the ability to define default VM arguments that are applied to any launch which uses that VM. You could use that in your situation by defining a JRE configuration with the VM argument you want for log4j and then setting up all JUnit launches to use that JRE definition.
In Preferences, Java > Installed JREs and use the Add... button to define a JRE. In the JRE Definition dialog there is a field for Default VM arguments. Give this JRE definition a useful name such as "JDK 7 for JUnit" so that you can easily identify it.

Then in your JUnit launch(es), on the JRE tab, select the JRE definition you created.
