What are the strategies and tools to be used, if an Application that is being developed needs to have Web Client and Smart client. Does Smart Client Software Factory or related applications blocks ease such developmental path? The environment is .Net 3.5
Please suggest the direction based on these priorities
Silverlight and WPF are quite similar and you should be able to achieve an extremely high degree of code re-use between the two. See this article.
It will get even better in the next version.