You can set it so they all have the same group. Set the gid sticky bit. You can manage it a little bit with groups.
Code:
user@comp>$ chmod g+sw directory
or
user@comp>$ chmod 2775 directory
Any files/directories created within that directory will have the same shared group. As far as a directory umask setting, there isn't one I know of. You may also be able to do it with ACL's, but my knowledge of ACL's is limited to that other OS.
Cheers,
Pete