Let\'s imagine I already have a project building .NET 3.5 assembly. Now I want to build this assembly for Silverlight, and moreover, maintain its Silverlight version with minima
Have you also ruled out linking to the files inside the your project from a Silverlight project? That's a fairly common approach to sharing an implementation between Silverlight and the full CLR. Sharing Code Between .NET and Silverlight Platforms
Also, according to Justin Angel you can reference and use a Silverlight class library from the full CLR. I haven't tried this myself, and it leaves some questions unanswered, but it does make the scenario straightforward: http://silverlight.net/blogs/justinangel/archive/2008/12/29/using-silverlight-dlls-on-the-desktop.aspx