Formatting a paragraph in insert mode

[C Rose]

Hi

Is it possible to format a paragraph (i.e. justify it) of text or 
comments while in insert mode? The way I do it now is to visually 
highlight the paragraph and then press "g" and then "q".

What I'd like is to be able to press Ctrl-q (or something) to format the 
 paragraph (and the cursor left in the place it was before the command, 
rather than at the start of end or something inconvenient).

Thanks in advance,

C