Yes it is possible. But you need to understand you are not modifying a property of the table widget, but a property of the table widget item. First create your own item, and set it up as you want
QTableWidgetItem * protoitem = new QTableWidgetItem();
protoitem->setTextAlignment(Qt::AlignLeft);
etc...
Then each time you want to create a new item rather than using the constructor you use
QTableWidgetItem * newitem = protoitem->clone();
tableWidget->setItem(0,0, newitem);
Another alternative to clone (untested) is to set a prototype on your tablewidget
QTableWidget::setItemPrototype ( const QTableWidgetItem * item )
This last one can be more appropriate if you are using a Ui or if the item is editable.
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