Unfortunately transport properties you are tring to set do not include bind address. Properties you can set are http://docs.jboss.org/infinispan/4.2/apidocs/config.html#ce_global_transport
What you need to do is every time you launch a JVM pass -Djgroups.bind_addr=127.0.0.1 parameter and so on and you should be good to go.
thank you very much! Even I did read the jgroups doc's several times I somehow missed that piece. You really saved me from more headache.