I have a collection of Eclipse projects that all share a common base directory where the .git directory lives. It seems like egit assumes that the .git directory is in the project directory. Is it possible to configure egit to use a .git directory outside of (or above) the project directory?
To answer my own question: yes, this is easy.
Do "Team -> Share Project...", select Git, and under "Select Git Repository Location", then click on the triangle next to the project name.
You should see "../.git" appear in the list of available repositories. Select it, and press "Finish".