Is it possible to write an extension for Visual Studio 2010 that provides syntax highlighting, intellisense, outlining, etc for a custom template or markup language
You should take a look at https://github.com/SparkViewEngine/SparkSense as an example. It was built for the spark view engine to provide intellisense for VS 2010.
"SparkSense is a plugin for Visual Studio 2010 that enables various tooling support and productivity features when using Spark as a View Engine for various MVC frameworks including ASP.NET MVC"