I was searching for a Velocity editor plugin for Eclipse Luna but I could not find any. I found couple of editor plugins like:
Veloedit worked, following the installation instructions from their github page: https://github.com/vaulttec/veloedit
Installation
Online updates are available from https://raw.githubusercontent.com/vaulttec/veloedit/updatesite/. Define a site bookmark in Eclipse's Update Manager view, navigate to the update site via this bookmark and install the Velocity UI feature.
Veloedit seems the most prominent option for file editing, but it has installation problems currently. More information about the current status in active SourceForge bug.
I can confirm that installing 'Eclipse 2.0 Style Plugin Support' made the plugin work in Eclipse Luna. Thanks.
You can install support for 2.0 style plugins using Help > Install New Software.
Select the 'Eclipse Project Updates' site (http://download.eclipse.org/eclipse/updates/4.4).
You will find 'Eclipse 2.0 Style Plugin Support' in the 'Eclipse Tests, Examples and Extras' section.
Install it.
After, simply install Veloeclipse or other old "2.0 style" plugin