I have created a simple WCF (.NET 3.5) service which defines 10 contracts which are basically calculations on the supplied data. At the moment I expect quite few clients to
This is definitely pre-mature optimization. Implement your services first and see if there's an issue or not.
I think you'll find that you are worrying about nothing. The server won't block on a single request as that request processes. IIS/WCF should handle things for you nicely as-is.