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
You have to have two projects because the mscorlib references are different for the two platforms.
Check out this question: http://www.google.ca/search?hl=en&q=targetting+silverlight+and+wpf&meta=&aq=f&oq=
If all you want to do is have a regular old .NET library that shared between the two, then I suggest creating two projects (one for Silverlight, one for regular) and including the same files in both projects. This is much easier to understand for other developers.