I would do it differently:
Simply wait for the user to somehow confirm that he has finished entering the address (for example by observing when the field looses focus) and retrieve the value of the field and use one of the many regular expressions that check all properties of valid ip addresses.
Looking at the Oracle tutorial here it seems to me that using a JTextFormattedTextField simply is the wrong answer. That class and the corresponding formats are for either locale-based formatting of dates or numbers.
I think you should be rather looking into input validation; see here for details; and as said; your validation could be based on the things you find here.
Finally: the point is to come up with a consistent user experience. Dont put yourself into a corner by saying: I saw this approach; so I absolutely must use that type of component. Instead, check out the possible options, and go for that one that (given your "budget" of development resources) gives the user the best experience.
Example: instead of using 1 JFormattedTextField, you could go for 4 textfields, and even write code that would move the focus automatically forth and back. Many things are possible; it only depends on how much time you are willing to spend.