I would create a hibernate plugin, that exposes all the hibernate jar files and exports the classes contained. My configuration and data would then be in another plugin that depends on hibernate.
Then, because hibernate uses reflection like no tomorrow, the Hibernate plug-in needs to be able to load classes from the plug ins that depend on it. To do that you need to use the Eclipse-BuddyPolicy directive. Check this documentation on classloading on eclipse that mentions BuddyPolicy
I've set up a Kodo JDO plug-in using this technique and it works quite well. A sample from my Manifest.mf is attached
Manifest-Version: 1.0
Bundle-ManifestVersion: 2
Bundle-Name: Solarmetric Kodo
Bundle-SymbolicName: com.solarmetric.kodo
Bundle-Activator: com.solarmetric.kodo.KodoPlugin
Bundle-Localization: plugin
Require-Bundle: org.eclipse.core.runtime
Eclipse-AutoStart: true
Eclipse-BuddyPolicy: global
Export-Package: com.solarmetric.ant,
com.solarmetric.apache.commons.collections,
com.solarmetric.apache.commons.collections.buffer,
com.solarmetric.apache.commons.collections.collection,
com.solarmetric.apache.commons.collections.functors,
com.solarmetric.apache.commons.collections.iterators,
com.solarmetric.apache.commons.collections.keyvalue,