I did not develop eclipse plugins before and I do not know how it goes but I am wondering since GPE is now open source, is it easy to recompile the plugin source to produce a version compatible with eclipse 4.1 or 4.2 or would it need someone with plugin development experience ?
You could try the new update site: http://dl.google.com/eclipse/plugin/4.2 (Ref: https://groups.google.com/d/msg/google-web-toolkit/xUZStgMUXlw/u6HacNDLYagJ)
Removed original answer, as it has become deprecated. Use seanf's answer with the new update site link.
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