The TreeNode itself does not have any Enabled property, so you will need to find some means of tracking that state. One way to do this is to create a new class that inherits TreeNode and that features an Enabled property. Another way is to maintain a list of disabled tree nodes.
Once that is done, you can use the ForeColor property of the TreeNode to have it appear grayed out (for instance using the SystemColors.GrayText value).
Finally you can use the BeforeSelect event to evaluate whether it's OK for the user to select a particular node, and use the Cancel property of the event args in that event to prevent selecting it if that node is disabled:
private void TreeView_BeforeSelect(object sender, TreeViewCancelEventArgs e)
{
e.Cancel = !NodeIsEnabled(e.Node);
}