We have lot of components out of which we want to modularize only a few to start with. Wondering what is the best way (in the context of my build environment) to create bundles
Use the maven bundle plugin. It will add the required import and export statements to you manifest based on scanning your code and the dependencies defined in the pom. This will require the least amount of effort to convert.
I also recommend you use M2Eclipse instead of mvn eclipse:eclipse. It will keep your maven config and workspace in sync.