Hi Allen,
Talk about an ambitious evaluation; you've certainly hit the ground running!
Off hand, my opinion is that this should be possible without too much effort. The details are not something we can do over a forum, but that's why they've got you to work on this, isn't it...
So, here's what I can tell you off hand.
First, search this forum for answers. I cannot stress this enough. There is a lot of stuff on almost every issue you've raised. Not only that, but there are posts where several approaches are discusses, with pros and cons that are context-sensitive, and with lessons learned. YABB - the bulletin board software - can be a bit difficult with searches, so be persistent. [Sparx has very recently upgraded to a much newer version of YABB, so I suspect that the search engine will be more helpful.]
Next, you can share a repository. Consider carefully which back end DBMS you will store this in. Several give good performance, though some are configuration (drivers and such) and version sensitive. Performance varies with the DBMS, type of network, and model characteristics. EA can put a fairly heavy load on your network - it can be pretty 'chatty' with the repository - but from the sounds of things that will not likely be a limiting factor for you. It seems like you have a good sized team working on a fairly large project; the resources necessary to carry EA should not be your largest resource issue.
See Simon's post below.
You should make sure that any network paths to the code base - the copy you will be using for code engineering - will be the same for all users (or all within each working group). This will make local paths work well for you. It takes some setup but you can exchange a 'core' configuration by exporting and importing Reference Data. [I'll leave you to look this up.]
Search my posts over the past month or so for "seed project" or "EABase" for some additional information on setting up default projects.
See Simon's clarification below[/u[I do not know whether EA exposes (easily) the locations for package code. It does carry this information in its database though.
Sparxians, users, anyone, is this something visible in the UI anyplace?
EA also tracks the source code files behind some elements. If you move or rename them outside of EA you might have some issues with duplicate code next time you forward or reverse engineer. Search the forum for more information.
Remember that EA has a powerful API - it is based on COM, so it will likely work well for you - that you can use to write some 'helper' tools. This takes a bit of learning, but you should get working stuff up very early. Once you get used to how the API 'likes' to work it is often faster to whip up a tool than to work out an answer to something.
So, I have not solved your problem, but hopefully you now have an idea where to look.
As far as "can it be done" you should have no worries. The size and type of problem you describe is well within EA's capabilities.
Please let us know how the evaluation goes, and what you learn.
David